News for The Shipping Corporation of India Limited (SCI.BO)

India launched its first subsidized cargo vessel service on National Waterways 1 and 2. The service connects Kolkata with Patna, Varanasi, and Guwahati, aiming to reduce congestion on roads and railways. Three vessels carrying cement, gypsum, and coal embarked on their maiden voyages under the Jalvahak scheme, which incentivizes long-haul cargo transport via waterways.

The volatility in the market is impacting the 2023-24 disinvestment plans of India. The government has put financial bids off for NMDC steel for next fiscal. The government is facing hassles in divesting its stakes in CONCOR and shipping corporations. The proposed sale of stake in IDBI Bank is unlikely to take place in the current fiscal.

Acceding to the Centre's request, the Maharashtra government has waived off stamp duty pertaining to the demerger of SCILAL, created by hiving off the non-core real estate assets of the Shipping Corporation of India (SCI), the official told ET. The stamp duty, according to industry estimates, could be in excess of ₹250 crore.

Following the listing of SCILAL, the government will look to invite expressions of interest for its 63.75 percent stake in SCI. The government expects three to five players to bid for its stake.

India's Shipping Corporation of India (SCI) disinvestment process is likely to be expedited, with the government expecting to list the assets in the shipping firm by next month. SCI's land asset company could be included in the divestment process while the final divestment could be completed by the end of the year, once the examination process is finished and financial bids are invited

Buzzing stocks: Uno India, NTPC, IOC, CEAT, Sterling & Wilson, Lupin, Windsor, Shipping Corporation

The disinvestment department has decided to start the process even as unions and a section of management raised objections to the Rs 1,000 crore cash transfer to the proposed demerged entity that will hold SCI's non-core assets. The ministry of corporate affairs held a meeting on December 29, 2022, to decide on the demerger.

The Government intends to sell its entire 63.75 per cent shareholding in SCI, while in BEML, it has proposed to disinvest a 26 per cent stake

The government is hiving off Shipping House and the training institute and some other non-core assets of the company as part of their strategic-sale process.

New Delhi, May 8

The shares of GE Shipping amid volatility in the markets have provided return of 27% considering Fridays closing price of Rs. 314.9. On the NSE, the shares were last trading at Rs. 401, while on the BSE the price was at Rs. 402.4 per share.

Read more about Shipping shares in focus; GE Shipping surges 14% to hit over 3-year high on Business Standard. In the past two weeks, GE Shipping has rallied 36 per cent after HDFC Mutual Fund bought an additional over 2 per cent stake in the company via open market

‘Government needs to act quickly or risk losing the initiatives taken so far’

Government has decided to sell its 63.75% stake in SCI to a private strategic buyer

Prasad was in the running for Air India with his Interups fund. Now, he is banking on Trujet to give wing to his aviation ambitions in India. The plan includes expanding Trujet’s fleet to over 100 aircraft from just 7 now. The Hyderabad-based airline has been operating at the fringes of the Indian aviation industry, and had a market share of 0.6 percent as of February 2021 down from 0.7 percent a year earlier.

Improving macro numbers and a strong showing from autos in February lifted sentiment, while rising bond yeilds and weak global cues kept bulls in check.

If LICs post-issue market capitalisation is estimated at Rs 8-10 lakh crore, then the issue size would have been Rs 80,000-1,00,000 crore as per the old rules, which can now come down to Rs 45,000-55,000 crore.

Hi there. Welcome to ETMarkets Morning, the show about money, business and markets.

Hi there. Welcome to ETMarkets Morning, the show about money, business and markets.