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    The Prime Minister wished Gujarat on its foundation day.

    The Prime Minister wished Gujarat on its foundation day.

    Public Relations Day Celebrations: PRSI Ahmedabad Chapter

    Public Relations Day Celebrations: PRSI Ahmedabad Chapter

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    CM’s public-oriented approach to increase ease of living in cities and metros with improved urban transport facility

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    Indus Towers in association with Pratham Books launches Library-in-a-Classroom initiative in Gujarat

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    Coir Expo aims to proliferates and flourish in Assam, organises four days Coir expo in Guwahati.

    Goa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal officialGoa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal official

    Goa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal officialGoa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal official

    Future of Learning Collaborative, an Anant National University and the University of Pennsylvania initiative concluded today

    Future of Learning Collaborative, an Anant National University and the University of Pennsylvania initiative concluded today

    PM meets International Telecommunication Union Secretary General, Doreen Bogdan- Martin

    PM meets International Telecommunication Union Secretary General, Doreen Bogdan- Martin

    On Women’s Day, Great Lakes launches ENCORE – A platform for women who want to re-start their careers

    On Women’s Day, Great Lakes launches ENCORE – A platform for women who want to re-start their careers

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    Japan’s Makoto Iwasaki emerges early leader at Gujarat Open 2023

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    BSL Ltd commissions Rs.150 crore state-of-the-art Cotton Spinning Unit in Bhilwara

    BSL Ltd commissions Rs.150 crore state-of-the-art Cotton Spinning Unit in Bhilwara

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    Goa’s biggest baby league set for a grand finale with the Little Gaurs League Super Cup

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    Acer India launches the Power-Packed Predator Helios 16 with up to 13th Gen Intel® Core™ i9 Processor and GeForce® RTX 4080 GPU for Ultimate Gaming Experience

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    The Durex Birds and Bees Talk Programme launches its first Return on Investment report, expands beyond Northeast states to Gujarat and Delhi aiming to transform 15 million adolescent lives

    The Durex Birds and Bees Talk Programme launches its first Return on Investment report, expands beyond Northeast states to Gujarat and Delhi aiming to transform 15 million adolescent lives

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    The Prime Minister wished Gujarat on its foundation day.

    The Prime Minister wished Gujarat on its foundation day.

    Public Relations Day Celebrations: PRSI Ahmedabad Chapter

    Public Relations Day Celebrations: PRSI Ahmedabad Chapter

    CM’s public-oriented approach to increase ease of living in cities and metros with improved urban transport facility

    CM’s public-oriented approach to increase ease of living in cities and metros with improved urban transport facility

    Indus Towers in association with Pratham Books launches Library-in-a-Classroom initiative in Gujarat

    Indus Towers in association with Pratham Books launches Library-in-a-Classroom initiative in Gujarat

    Coir Expo aims to proliferates and flourish in Assam, organises four days Coir expo in Guwahati.

    Coir Expo aims to proliferates and flourish in Assam, organises four days Coir expo in Guwahati.

    Goa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal officialGoa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal official

    Goa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal officialGoa, Portugal can build on historic links through curated tourism packages: Turismo de Portugal official

    Future of Learning Collaborative, an Anant National University and the University of Pennsylvania initiative concluded today

    Future of Learning Collaborative, an Anant National University and the University of Pennsylvania initiative concluded today

    PM meets International Telecommunication Union Secretary General, Doreen Bogdan- Martin

    PM meets International Telecommunication Union Secretary General, Doreen Bogdan- Martin

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    On Women’s Day, Great Lakes launches ENCORE – A platform for women who want to re-start their careers

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    Japan’s Makoto Iwasaki emerges early leader at Gujarat Open 2023

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    BSL Ltd commissions Rs.150 crore state-of-the-art Cotton Spinning Unit in Bhilwara

    BSL Ltd commissions Rs.150 crore state-of-the-art Cotton Spinning Unit in Bhilwara

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    Highest ever Q4 Revenue of Rs.1175 Crs +32% YoY & Annual Revenue of Rs 5066 Cr, up 63% YoY PBT for Q4 of Rs 14 Crs and Highest ever Annual PBT of Rs.164 Crs

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    RENAULT INDIA LAUNCHES ENHANCED RANGE OF KIGER

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    5 Best Electric Scooters to Gift Your Mother This Mother’s Day

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    Goa’s biggest baby league set for a grand finale with the Little Gaurs League Super Cup

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    Acer India launches the Power-Packed Predator Helios 16 with up to 13th Gen Intel® Core™ i9 Processor and GeForce® RTX 4080 GPU for Ultimate Gaming Experience

    Acer India launches the Power-Packed Predator Helios 16 with up to 13th Gen Intel® Core™ i9 Processor and GeForce® RTX 4080 GPU for Ultimate Gaming Experience

    The Durex Birds and Bees Talk Programme launches its first Return on Investment report, expands beyond Northeast states to Gujarat and Delhi aiming to transform 15 million adolescent lives

    The Durex Birds and Bees Talk Programme launches its first Return on Investment report, expands beyond Northeast states to Gujarat and Delhi aiming to transform 15 million adolescent lives

    Synchronize India and Unomer Launch ‘SCORE’ – an IPL Ad Effectiveness Measurement Solution

    Synchronize India and Unomer Launch ‘SCORE’ – an IPL Ad Effectiveness Measurement Solution

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    Acer launches the New Nitro 5 Laptop, India’s first gaming laptop with AMD Ryzen 7000 Series

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Find out why the Shipping Corporation of India’s share price skyrocketed

NewsMonks by NewsMonks
2 years ago
in Automobile, Economy, Share Market
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The Centre’s Modi government has turned to privatization and wants to raise large sums of money by selling its stake in some public sector companies. The Modi government is opening the door for private players in many areas. Similarly, the government has sold 63.75 per cent stake in Shipping Corporation of India, a public sector company.

To meet the disinvestment targets for the financial year 2020-21, the Centre’s Modi government is now going to sell its 63.75 per cent stake in the public sector company Shipping Corporation of India (SCI). The government has invited bids from private companies and investors to buy 63.75 per cent stake in Shipping Corporation of India for privatization.

Companies can submit expressions of interest by February 13 to buy the government’s majority stack. Following the announcement of SSCI’s privatization, the stock market rose by 3.81 per cent.

The central government has set a target of raising Rs 2.10 lakh crore through disinvestment in the financial year 2020-21, but the government has so far managed to raise only Rs 11,006 crore by selling its stake in small companies. To meet the target, the government had earlier invited bids from BPCL and Air India to sell its stake in SCI. Now, private companies and investors have been invited to sell their stake in SCI. Bids for SCI can be submitted in person or through a consortium.

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According to the current stock price of the Shipping Corporation of India, the market value of the company is Rs 4,000 crore. The stock market rose 3.81 per cent in the wake of SCI’s announcement of disinvestment. The share price reached 85.80 on Monday. In November last year, the Cabinet Committee on Economic Affairs approved the sale of SCI’s stock. But the delay was due to the Corona epidemic.

The government has sold 100 per cent stake in Air India and the Tata Group has expressed interest in buying it, while big companies like Adani are also in line to buy a stake in Air India.

Tags: ShippingStock Market
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