Dredging Corp rises 12% as Govt looks to sell majority stake
Shares of Dredging Corporation of India (DCI) soared over 12% touching 52-week high on Monday morning as Government looked to sell its majority stake in the company.
At 0947 hours, shares of Dredging Corp were trading at Rs 493.50 per piece on BSE, above Rs 48 or 10.77%.
An Economic Times report on said the Government of India is looking to sell a 51% sake in Dredging Corp. A cabinet note has been prepared on this proposal and is being circulated among key ministries for comment, it read.
This strategic sales is expected to be materialised in the middle of fiscal year 2017-18.
Presently, the government holds 73.47% stake in DCI, while remaining 13% stake is held by state-run financial institutions.
In third quarter of current fiscal (Q3FY17), DCI reported net profit of Rs 14 crore compared to net loss of Rs 19.62 crore in the corresponding period of the previous year.