SCI sailing high waters

Shipping Corporation of India (SCI) is the top gainer on the BSE since the opening bell, rising over 19% to hit a new high at Rs.123.55. Its not too far from its 20% UC of the day at Rs.124.40.

This surge is thanks to a tweet from Tuhin Kanta Pandey, the Secretary of Department of Investment and Public Asset Management (DIPAM). He said, Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Ltd. The transaction will now move to the second stage.”

The DIPAM, in Dec had invited expressions of interest (EoI) for strategic divestment of its entire stake of 63.75% SCI, along with the transfer of management. News is that Great Eastern and Safesa Group too have submitted their bid.

Yesterday, was the last date for submitting the bid, which was extended from the earlier date of 13th Feb.