Dredging Corporation surges on government plans to sell its stake

19 Jun 2017

Dredging Corporation of India is currently trading at Rs. 715.60, up by 24.70 points or 3.58% from its previous closing of Rs. 690.90 on the BSE.

The scrip opened at Rs. 745.00 and has touched a high and low of Rs. 752.40 and Rs. 710.75 respectively. So far 2,47,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 752.40 on 19-Jun-2017 and a 52 week low of Rs. 360.20 on 09-Nov-2016.

Last one week high and low of the scrip stood at Rs. 752.40 and Rs. 583.00 respectively. The current market cap of the company is Rs. 2,003.00 crore.

The promoters holding in the company stood at 73.47%, while Institutions and Non-Institutions held 12.70% and 13.83% respectively.

The government is planning an outright sale of Dredging Corporation of India (DCIL) through auction, which could fetch about Rs 1,400 crore to the exchequer. The government currently holds 73.47 percent stake in DCIL. Besides, there is a proposal to sell 100% government holding in four unlisted companies - Kamarajar Port, HLL Lifecare, Indian Medicines & Pharmaceutical Corporation, and Karnataka Antibiotics and Pharmaceuticals. The core group of secretaries on disinvestment, headed by the cabinet secretary, has already approved the sale of these five companies.

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

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