Dredging Corp surges 20 per cent on buzz of stake sale
DSIJ Intelligence / 01 Nov 2017
The shares of Miniratna company, Dredging Corporation of India witnessed a stark hike of 20 per cent on Wednesday.
The shares of Miniratna company, Dredging Corporation of India witnessed a stark hike of 20 per cent on Wednesday as news reports claimed that the Union cabinet has approved the sale of government’s entire stake in the company.
At present, the government has 74.38 per cent stake in the company. The likely stake sale could be a part of the government’s disinvestment strategy and also help the government achieve its fiscal deficit target of 3.2 per cent of the GDP for FY18.
Following the buzz, Dredging Corporation of India breached its upper circuit of Rs. 669.95 per share on the bourses. The stock also witnessed a spurt in volume by more than 30.58 times on BSE.
The stock had hit its 52-week high of Rs. 752.40 per share on June 19, 2017 and its 52-week low of Rs. 360.20 per share on November 9, 2016 on BSE, respectively. At 1500 hours IST, the stock stood at Rs. 669.95 per share, higher by 20 per cent.
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