Shipping Corporation of India Disinvestment News: Crucial meeting of MCA today; stock jumps 5% | SCI Share Price

SCI Disinvestment Latest News: Shares of public sector company Shipping Corporation of India (SCI) jumped more than 5 per cent in today's session on the back of a meeting of the Ministry of Corporate Affairs (MCA) to discuss the demerger plan.

SCI Disinvestment Latest News: Check latets updates. Pic: SCI\Twitter

SCI Disinvestment Latest News: Shares of public sector company Shipping Corporation of India (SCI) jumped more than 5 per cent in today's session on the back of a meeting of the Ministry of Corporate Affairs (MCA) to discuss the demerger plan.The Mumbai-headquartered SCI is a government corporation under the ownership of the Ministry of Shipping. It operates and manages vessels servicing. The government has plans to sell 63 per cent stake in the company.

The stock opened in green at Rs 128.50 and zoomed rallied more than 5 per cent to hit the day's high at Rs 134.75 on NSE around 11 AM. At 12:25 PM, it quoted Rs 133 apiece on NSE and Rs 132.70 on BSE.

Zee Business panellist and market expert Sumeet Bagadia said SCI shares traded under pressure in the past few session, taking weakness in the equity markets. From a trading perspective, he said that SCI has strong support at Rs 120-122 on the chart. He recommended buying the shares of the government-owned company around Rs 124. Once it crosses the resistance zone of Rs 129-132, he said, the stock will gain a moment and touch the levels of Rs 140/145. The stop loss should be placed at Rs 120.

Earlier in May this year, the board of Shipping Corp had approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL.As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore.

In March 2021, the government had received multiple bids for privatisation of Shipping Corporation of India. However, the demerger process got delayed.

Zee Business had earlier reported that the Regulatory Approval for SCI Disinvestment is likely to be confirmed soon. As per the exclusive report, the demerged company of SCI is likely to be listed in January 2023.

The Cabinet, in November in 2020, had given in-principle approval for strategic divestment of Shipping Corp.Shares of SCI have yielded a stellar return of 40 per cent in the past 6 years, resulting in wealth gain for its investors.

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