SCI shares soar 9% as SCILAL listing likely within month

Shares of Shipping Corporation of India Ltd (SCI) climbed over 9 per cent in Monday’s trade after a report quoted Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey as saying that the listing of the shares of Shipping Corporation of India Land and Assets (SCILAL) on stock exchanges is likely to be completed within a month.

Following the development, the stock rose 9.45 per cent to hit high of Rs 290.60.

The non-core assets of SCI includes primarily prime real estate properties in Mumbai, were put in SCILAL, which was incorporated in November 2021. The new firm was incorporated with the object of holding and disposing the non-core Assets of SCI distinct from the disinvestment transaction. The ministry of corporate affairs had in February this year sanctioned the scheme of demerger.

Following the fresh development, the SCI stock rose 9.49 per cent to hit a high of Rs 290.60 on BSE. As per the Moneycontrol report, the SCI board has been set up and hurdles around the stamp duty exemption sorted.