Shipping Corporation

MCA approves demerger of core and non-core assets of Shipping Corp

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

Taiwan's Evergreen Marine Corp gives mega bonuses worth 50 months' salary

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

MCA concludes demerger hearing of Shipping Corp, may approve soon: Sources

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

Budget 2023-24: Disinvestment target likely to stay elevated for FY24

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

Shipping Corp Q2 net dips 49% to Rs 124 cr, expenses rise to Rs 1,336 cr

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.

Govt may invite financial bids for Shipping Corp sale in March quarter

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

Sensex ends 365pts lower, Nifty holds 16,300; RIL cracks 4%, Infy gains 2%

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.

Shipping Corp says war in Ukraine needs to abate for stake sale to move

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

Shipping Corp second quarter profit soars 71% to Rs 243 crore

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

Shipping Corp Q1 net profit declines nearly 53% to Rs 158.51 crore

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: Shipping Corp opens virtual data room for potential bidders

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

Safesea Group gets approval to bid for Shipping Corporation of India

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

Top Headlines: Sebi tweaks delisting rules, Cloudtail gets Rs 54 cr notice

Business Standard brings to you top headlines on Tuesday

Procedural delay likely to hit Shipping Corporation privatisation process

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

Out-of-control shipping costs fire up retail prices from coffee to toys

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

BPCL, Shipping Corp: Analysts bullish on PSU stocks on divestment hope

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.

Stocks to watch: BPCL, Shipping Corp, Hero Moto, Tata Motors, IDBI Bank

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

Land policy delay hurdle to Container Corporation sale, says panel

Railway ministry denies charge, says divestment planned for next year

Govt extends bid submission deadline for Shipping Corp to March 1

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

Govt invites bids for sale of its 63.75% stake in Shipping Corporation

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