Dredging Corp hits 10% UC

PSU, Dredging Corp of India hit the 10% UC today morning at Rs.383.15, with volumes rising over 2.5 times.

On Thursday, the Cabinet cleared strategic sale of government stake in Dredging Corporation to consortium of four ports.

The government currently holds 73.44% in the PSU.

There was an official tweet which said, “CCEA has given in principle approval for strategic disinvestment of 100 per cent Government of India's share in DCIL to consortium of 4 ports, namely Vishakhapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust.”

The tweet added, “The co-sharing of facilities between the company as well as ports shall lead to savings for ports. This would further provide opportunities for larger investment in DCIL as integration with ports shall help in effective vertical linkage in the value chain."