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Shares of Dredging Corp of India jumped as much as 7.8 per cent to Rs 672.40, its highest since March 19, as the government is planning to invite bids in a month to sell the company.
NewsRise Financial reported that the government has announced plans to sell a raft of loss-making state-run firms to ease some financial strain and generate cash to meet its fiscal year revenue target of Rs 80000 crore ($12.07 bln) from state asset sales.
The government owns about 73.5 per cent in the firm as of March 31, according to Thomson Reuters data.
Dredging Corp, which caters to major ports in maintenance dredging, land reclamation and marine construction, could not be immediately reached for comment.
DCI stock posted its biggest intraday percentage gain since February 5. About 1.1 million shares changed hands, compared with their 30-day average of 230,831 shares.
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