Dredging Corporation of India rose 3.16% to Rs 702.50 at 12:46 IST on BSE, extending recent rally triggered by stake-sale buzz.
Meanwhile, the S&P BSE Sensex was down 106.91 points, or 0.36% to 29,411.83.On the BSE, 1.27 lakh shares were traded in the counter so far, compared with average daily volumes of 68,215 shares in the past one quarter. The stock had hit a high of Rs 713.85 and a low of Rs 684 so far during the day. The stock hit a 52-week high of Rs 716 on 17 March 2017. The stock hit a 52-week low of Rs 330 on 21 March 2016.
The stock had outperformed the market over the past one month till 20 March 2017, rising 51.51% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 76.80% as against Sensex's 12.20% rise.
The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.
Shares of Dredging Corporation of India have rallied 48.05% in six trading sessions from its close of Rs 474.50 on 10 March 2017.
On 6 March 2017, some media reports suggested that the government was looking to sell a 51% stake in state-run company. The strategic stake sale could materialise by middle of the next fiscal year starting April 2017, the reports added.
The company, however, clarified during trading hours on 6 March 2017, that it has not received any specific official communication from the government regarding stake sale. Hence, the company had no comments to offer on the same. The company added that it will inform the stock exchange as and when any official information is received from the government in this regard.
The government currently holds 73.47% stake in Dredging Corporation of India (as on 31 December 2016).
Dredging Corporation of India reported net profit of Rs 14.04 crore in Q3 December 2016, compared with net loss of Rs 19.62 crore in Q3 December 2015. Net sales fell 13.7% to Rs 139.39 crore in Q3 December 2016 over Q3 December 2015.
State-run Dredging Corporation of India provides dredging services to the major ports of the country.
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