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Last Updated : Nov 09, 2018 09:38 AM IST | Source:

Dredging Corporation surges 10% on Cabinet nod for divestment

The government currently holds 73.44 percent in company.

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Shares of Dredging Corporation India surged 10 percent in the early trade on Friday after Union Cabinet approved strategic sale of government stake in the company to consortium of four ports.

The government currently holds 73.44 percent in company.

"CCEA has given in principle approval for strategic disinvestment of 100 percent Government of India's share in Dredging Corp to consortium of 4 ports, namely Vishakhapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust," an official tweet said.

The government has budgeted to raise Rs 80,000 crore from PSU disinvestment. So far this fiscal, the government has mopped up over Rs 15,000 crore from PSU stake sale.

At 09:17 hrs Dredging Corporation India was quoting at Rs 375, up Rs 26.65, or 7.65 percent on the BSE.

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With inputs from PTI
First Published on Nov 9, 2018 09:28 am
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