Dredging Corporation shares rally over 16% on stake sale reports
NEW DELHI: Shares of Dredging Corporation of India surged as much as 16.45 per cent in early trade on Monday after reports that the government is looking to sell 51 per cent stake in the company.
The government currently holds 73.47 per cent stake in the firm that provides dredging services to seaports, while state-run financial institutions hold 13 per cent stake.
The scrip was trading 10.61 per cent up at Rs 492.75 around 9.35 am (IST). Shares of the company opened at Rs 494 and touched a high and low of Rs 518.80 and Rs 490, respectively, in trade so far. Benchmark BSE Sensex was up 130 points, or 0.45 per cent, at 28,962.99.
For the quarter ended December 31, 2016, the company reported a net profit of Rs 14 crore, up 76 per cent, against Rs 7.97 crore in the corresponding quarter last year. Revenue of the company declined 6 per cent year-on-year to Rs 151.89 crore.
For 2017-18, the government has set a mammoth disinvestment target of Rs 72,500 crore, of which Rs 46,500 crore is to come from regular stake sales, including exchange-traded funds holding stakes in state-run companies, and another Rs 11,000 crore from the listing of three general insurers.
The government currently holds 73.47 per cent stake in the firm that provides dredging services to seaports, while state-run financial institutions hold 13 per cent stake.
The scrip was trading 10.61 per cent up at Rs 492.75 around 9.35 am (IST). Shares of the company opened at Rs 494 and touched a high and low of Rs 518.80 and Rs 490, respectively, in trade so far. Benchmark BSE Sensex was up 130 points, or 0.45 per cent, at 28,962.99.
For the quarter ended December 31, 2016, the company reported a net profit of Rs 14 crore, up 76 per cent, against Rs 7.97 crore in the corresponding quarter last year. Revenue of the company declined 6 per cent year-on-year to Rs 151.89 crore.
For 2017-18, the government has set a mammoth disinvestment target of Rs 72,500 crore, of which Rs 46,500 crore is to come from regular stake sales, including exchange-traded funds holding stakes in state-run companies, and another Rs 11,000 crore from the listing of three general insurers.
