SCI hits new high

Shipping Corporation of India (SCI), which had closed yesterday at Rs.140.55, opened with an upper gap at Rs.142.75 and soon went on to hit a new 52-week high at Rs.151.30.

The stock has been in the green since Monday, ever since it gave updates on its demerger plans.

It issued a statement saying, “the Final hearing before the Ministry of Corporate Affairs in New Delhi for obtaining sanction on the Scheme of Arrangement for demerger is fixed on Thursday, December 29, 2022, as per the directives of MCA issued during the hearing held on 16th December 2022.”

The company’s wholly owned subsidiary, Shipping Corporation of India Land and Assets, pursuant to approval of board of directors based on the concurrence given by the Ministry of Ports Shipping and Waterways and NITI Aayog for hiving off the non-core assets of the Company as a part of the Demerger under SCI’s strategic disinvestment process.

The Scheme of Demerger has been approved by the SCI Board, DIPAM, MoPSW, SCILAL Board and stock exchange. The Demerger Scheme has been filed with Ministry of Corporate Affairs (MCA) for approval.