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Dredging Corporation surges on the buzz of 51% stake sale by the government

06 Mar 2017

Dredging Corporation of India is currently trading at Rs. 482.25, up by 36.75 points or 8.25% from its previous closing of Rs. 445.50 on the BSE.

The scrip opened at Rs. 494.00 and has touched a high and low of Rs. 518.80 and Rs. 481.00 respectively. So far 1,60,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 518.80 on 06-Mar-2017 and a 52 week low of Rs. 313.70 on 04-Mar-2016.

Last one week high and low of the scrip stood at Rs. 518.80 and Rs. 440.25 respectively. The current market cap of the company is Rs. 1,351.56 crore.

The promoters holding in the company stood at 73.47%, while Institutions and Non-Institutions held 13.18% and 13.35% respectively.

The government is reportedly looking to sell a 51% stake in Dredging Corporation of India. The strategic stake sale should materialise by middle of the next fiscal year starting April 2017.  A cabinet note has been prepared on this proposal and is being circulated among key ministries for comment. The government currently holds 73.47% of the company that provides dredging services to seaports, while state-run financial institutions hold another 13% stake.

Dredging Corporation of India is involved in maintenance dredging, capital dredging, beach nourishment, land reclamation, shallow water dredging, Project Management consultancy and Marine construction.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323