New Delhi: The government is planning to invite financial bids for the sale of Shipping Corporation of India Limited (SCIL). After two years of delay, the government is going to sell it. Government company Shipping Corporation of India is the third largest shipping company in the country. Shares of Shipping Corporation of India (SCIL Shares) saw a sharp jump following this news about the privatisation. Its shares have jumped nearly five percent.
Process halted due to covid
According to a report, the government is now planning to invite financial bids for SCIL privatization by the second or third week of May. However, the government has not officially said anything about this yet. However, the final decision will be taken by a committee headed by the Cabinet Secretary on April 14. Let us tell you that in November 2019, the Cabinet Committee on Economic Affairs gave in-principle approval to sell the shipping corporation. But due to Corona crisis, this process could not go ahead.
Shares took an upper circuit
Shares of Shipping Corporation of India touched the top circuit today with an increase of 4.94. Today, the stock of this company opened at Rs.81 and touched a high of Rs.84.95. Its low today is Rs.80.95. In the last five days, shares of SCIL have fallen by 6.13 percent. At the same time, this stock has lost 33.35 percent in the last one month. The stock has declined 28.52 percent in six months and 34.17 percent over the past one year. However, the stock of Shipping Corporation of India has gained 22.67 percent in the last five years. The stock has a 52 week high of Rs 151.40 and a 52 week low of Rs 79.20.
When was SCI established?
Shipping Corporation of India Limited (SCI) was established on 2 October 1961. On 18th September 1992 the status of the company was changed from ‘Private Limited’ to ‘Public Limited’. The company was awarded the title of ‘Mini Ratna’ by the Government of India on 24 February 2000. Started as a liner shipping company with just 19 vessels, today SCI owns more than 83 vessels of DWT. The company has tankers, bulk carriers, liners and offshore supplies available.