Stocks

Dredging Corp rallies on stake sale report

Our Bureau Agencies Mumbai | Updated on January 13, 2018 Published on March 06, 2017

dci

Shares of Dredging Corp rallied on report of stake sale by the government.

Shares of Dredging Corp of India Ltd jumped as much as 16.7 per cent to highest since June 11, 2014.

The government plans to sell 51 per cent stake in state-run Dredging Corporation of India.

A Cabinet note has been prepared on this proposal and is being circulated among key ministries for comment, according to two senior government officials.

The government currently holds 73.47 per cent of the firm that provides dredging services to seaports, while state-run financial institutions hold another 13 per cent stake.

Dredging Corp could not be immediately reached for comment

The company stock had risen about 16 pct this year up to Friday's close.

Published on March 06, 2017
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