Page 2 - Shipping Corporation Of India

Shipping Corporation hits 52-week high; up 17% in 2 days on demerger update

The Final hearing before the Ministry of Corporate Affairs in New Delhi for obtaining sanction on the Scheme of Arrangement for demerger is fixed on Thursday, December 29, 2022

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.

Binesh Kumar Tyagi takes over as CMD Shipping Corporation of India

Shipping Corporation of India on Monday said Binesh Kumar Tyagi has taken over as its Chairman and Managing Director (CMD). Tyagi was heading the Liner and Passenger Services Division as Director (L&PS) since January 7, 2021 in the company, the PSU said in a regulatory filing. "Captain Binesh Kumar Tyagi has taken over as Chairman and Managing Director of the Shipping Corporation of India Ltd (SCI) with effect from 03.09.2022," it said. Tyagi joined SCI in 1990 as Trainee Nautical Officer (TNOC). He served onboard various ships, in different ranks, including as Master. In 2004, he was absorbed ashore, wherein he served at various management level positions and performed technical, vetting, chartering, training, marine HR, liner, passenger, inland waterways, offshore, among others. Tyagi is an IIM-A alumnus and also member of various professional bodies. Under Ministry of Ports, Shipping and Waterways, SCI is the largest shipping company in India.

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

Shipping Corporation of India Q1 net profit falls 27.97% to Rs 114.17 crore

The company had clocked a consolidated net profit of Rs 158.51 crore in the corresponding period a year earlier, it said in a regulatory filing.

Running of ships in Lakshadweep handed over to SCI for smooth operations

The running and maintenance of ships of the Union Territory (UT) of Lakshadweep have been handed over to the Shipping Corporation of India to improve shipping operations

Shipping Corporation of India profit jumps 77% to Rs 152 crore in Q4

Shipping Corporation of India (SCI) on Friday reported a 77.42 per cent jump in its consolidated profit to Rs 152.16 crore for the fourth quarter ended March 2022.

Shipping Corporation of India Q4 net profit jumps 77% to Rs 152 cr

Shipping Corporation of India (SCI) on Saturday reported a 77.42 per cent jump in its consolidated net profit to Rs 152.16 crore for the fourth quarter ended March 2022.

Shipping Corp board approves changes in demerger scheme for non-core assets

State-owned Shipping Corporation of India on Monday said its board has approved certain modifications in the scheme of arrangement for demerger of the company's non-core assets

Non-core asset demerger likely to delay Shipping Corp and BEML sale

In the scheme for demerger of non-core assets announced by SCI, certain changes, including extra surplus cash, had to be approved, the official said

Govt to invite bids for SCI sale by Sept; hive off Shipping House: Report

The government is likely to invite financial bids for Shipping Corporation of India by September, after the process of demerger of non-core assets is completed, an official said.

Govt to invite bids for SCI by Sept; Shipping House, MTI to be hived off

As part of the strategic-sale process, the government is hiving off Shipping House and the training institute in Pune and some other non-core assets of Shipping Corporation of India (SCI).

5,400 acres of land parcels of PSUs may be monetised through new SPV

These would be land of state-owned units under divestment and those that the Centre has decided to shut

Govt aims to privatise 5-6 PSUs in FY22, LIC IPO expected by Q4: DIPAM Secy

Tuhin Kanta Pandey said the government is aiming to close the privatisation of BEML and Shipping Corp of India in FY22

SCI, BPCL among CPSEs to be privatised in FY23; 3 IPOs lined up: DIPAM Secy

The 2022-23 Budget has projected a disinvestment target of Rs 65,000 crore for next financial year, which is significantly lower than the estimated Rs 1.75 lakh crore budgeted for 2021-22

Shipping Corp's profit jumps 136.8% to Rs 311.5 cr in December quarter

The company had posted a consolidated profit of Rs 131.57 crore in the corresponding quarter of the previous financial year, Shipping Corporation of India said in a filing to the BSE

Timeline for mandatory use of Indian flag on SCI vessels may be shortened

Tax implication of bearing the flag has been a sticking point for suitors

Air India disinvestment: Privatisation-bound BPCL, SCI can rally up to 15%

SpiceJet seems to be in a trading range, while Container Corporation of India is holding above its key support level

Megha Engineering and Infrastructure sees prospects in PSU disinvestments

The company has been shortlisted as qualified bidder for Shipping Corporation of India, Neelachal Ispat, and BEML

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.