Shipping Corporation stock soars 16%, hits 52-week high

Shares of Shipping Corporation of India today soared 16 per cent to touch its one-year high level following reports that NITI Aayog has proposed strategic sale of about 26 per cent stake in the company.
The stock after making a strong opening further jumped 15.94 per cent to Rs 92 -- its 52-week high -- on the BSE.
On the NSE, it surged 15.61 per cent to a one-year high of Rs 91.80.
NITI Aayog has proposed strategic sale of about 26 per cent stake in Shipping Corporation of India, which could fetch about Rs 960 crore to the exchequer. The government holds 63.75 per cent stake in the Navratna PSU.

After the sale of 26 per cent stake, the government holding in the company will come down to 37.75 per cent.
The government has budgeted to raise Rs 15,000 crore through strategic sale of PSUs this fiscal.