Shipping Corporation

Financial bids may be invited a month or two after SCILAL is listed

The Taipei-based shipping company is handing out year-end bonuses equal to 50 months' salary, or more than four years' pay, on average to celebrate a standout year

The move could expedite the Centre's stake sale plan for the national carrier

The sources said that the government expects over Rs 60,000 crore from the IDBI stake sale.

Disinvestment-bound Shipping Corporation of India Ltd (SCI) on Friday reported a 48.81 per cent decline in its consolidated net profit to Rs 124 crore for the second quarter ended September 30, 2022. The shipping company had reported a net profit of Rs 243 crore in the corresponding quarter of the previous fiscal, it said in a regulatory filing to the BSE. SCI's total income rose to Rs 1,458 crore during the quarter under review from Rs 1,296 crore in the year-ago period. Total expenses also increased to Rs 1,336 crore from Rs 997 crore earlier. SCI said the shareholders of the company have approved dividend of Rs 0.33 per equity share of face value Rs 10 each. It said the proposed strategic disinvestment of SCI is being handled by the Department of Investment and Public Asset Management (DIPAM) with the engagement of necessary advisors. SCI is the largest Indian shipping company and the only Indian firm engaged in transportation of LNG.

The government is likely to invite financial bids for privatisation of state-owned Shipping Corporation of India (SCI) in the March quarter, an official said. "The demerger of non-core and land assets of Shipping Corporation is at an advanced stage. The process is expected to be over in about three months' time, after which financial bids will be invited," the official told PTI. The financial bids from potential investors are expected in the January-March quarter, the official added. In May, the board of Shipping Corp had approved an updated demerger scheme for hiving off the non-core assets of SCI to Shipping Corporation of India Land and Assets Ltd (SCILAL) including Shipping House, Mumbai and MTI (Maritime Training Institute), Powai to complete the process of de-merging all the non-core assets to the new company SCILAL. As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore. In March 2021, the government had

The broader markets ended with deeper losses, with both the BSE Midcap and Smallcap indices down over 1.5 per cent each; the breadth too at 2:1 was in favour of the bears.

Deadline for financial bids for privatising the firm was extended from January 18 as bidders sought a more detailed due diligence.

The shipping company had reported a net profit of Rs 141.89 crore in the corresponding quarter of the previous fiscal

State-owned Shipping Corporation of India Ltd (SCI) has reported a 52.94 per cent decline in consolidated net profit to Rs 158.51 crore for the first quarter of the current fiscal.

Disinvestment-bound Shipping Corporation of India on Monday said it has opened the virtual data room for potential bidders.

The findings by intermediaries revealed that the pending dues, for which a dispute was ongoing, were acknowledged by Shipping Corporation of India

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The Shipping Corporation was asked to draft the SPA and insert clauses based on the response received in road shows

Soaring demand, shortage of containers, saturated ports and too few ships have contributed to the squeeze on transportation capacity on every freight path.

As per government disinvestment plans two public sector banks (PSBs) and one general insurance company is to be privatised in fiscal 2021-22 (FY22) and aims to raise Rs 1.75 trillion.

Royal Enfield on Monday reported a 10 per cent increase in total sales at 69,659 units in February

Railway ministry denies charge, says divestment planned for next year

The government on Friday extended the deadline for submission of preliminary bids to buy Shipping Corp of India to March 1.

Non core assets of the company are being hived off and will not be a part of the sale