Shipping Corp gains after Niti Aayog proposes demerging non-core assets

Shipping Corporation of India (SCI) rose 1.66% to Rs 143.60 after the Niti Aayog proposed incorporating a subsidiary for hiving off the non-core assets of the company.

The Ministry of Ports, Shipping and Waterways has conveyed that the Niti Aayog has concurred to the proposal of incorporation of a subsidiary company for hiving off the non-core assets of the company, SCI said in a statement on Wednesday.

On a consolidated basis, net profit of SCI declined 52.95% to Rs 158.51 crore on 10.11% decline in net sales to Rs 1027.84 crore in Q1 June 2021 over Q1 June 2020.

SCI is the largest Indian shipping company. It owns and operates around one-third of the Indian tonnage, and has operating interests in practically all areas of the shipping business; servicing both national and international trades.

 

As on 30 September 2021, the Government of India held 63.75% in SCI.

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