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

BPCL strengthens energy security and maritime capabilities through strategic agreements with Petrobras and SCI, aiming for stable supplies.

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.

Indian equity indices on the rise as Nifty 50 surpasses key resistance

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.

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

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 scheme mandates the formation or incorporation of a new wholly-owned subsidiary as a 'resulting company' for the demerger of non-core assets of the company

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