SCI, NMDC Steel shares rally up to 19% amid buzz of likely strategic sale

At 11:15 am, while NSL was trading at Rs 60.65, higher by 5.22 percent compared to the opening price on NSE, SCI shares were trading 18.88 percent higher at Rs 327.1. The shipping firm posted its 52-week high during the session at Rs 329.

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Shares of two state-run companies recorded healthy gains in the early hours of trading on July 11.

NMDC Steel Limited (NSL) and Shipping Corporation of India (SCI) were generating interest in the market after Moneycontrol reported on July 10 that privatization of the two firms are back on track.

Moreover, the shipping ministry has also proposed a joint venture between SCI and Indian Oil Corporation Limited for the manufacturing of large oil tankers in an effort to reduce dependence on foreign firms, Mint reported on July 11.

Also read: Budget unlikely to revise Rs 1-lakh-cr revenue target from divestment, monetisation, dividends

At 11:15 am, while NSL was trading at Rs 60.65, higher by 5.22 percent compared to the opening price on NSE, SCI shares were trading 18.88 percent higher at Rs 327.1. The shipping firm posted its 52-week high during the session at Rs 329.

On July 10, Moneycontrol had reported that Department of Investment and Public Asset Management (DIPAM) is pushing for the strategic sales of firms such as SCI and NSL.

Also read: Govt may opt for 5-7% stake sale in CONCOR after tepid response to strategic sale plan

Officials in the department told this website that work on the sale of NMDC Steel is at an ‘advanced stage’. DIPAM is awaiting Prime Minister's Office’s nod to go ahead with the sale, the official aware of the development told moneycontrol.

However, the privatisation of NSL won’t be an easy move for the government as it is fraught with political challenges. The workers union of the state-run company is not in agreement with the divestment agenda. The company has 5,887 employees and assets worth Rs 36,929 crore.

Also read: RBI's bumper payout to limit big ticket divestment; govt to maintain Rs 50k cr target

NSL was demerged from NMDC as a separate company to operate its Nagarnar steel plant in Chhattisgarh. NSL was listed on the BSE in February 2023.

The stake sale in SCI, too, should be completed this year, for which the financial bids need to be called for. However, here again, it will be a political decision, the official said.

Also read: Centre has total divestment potential of Rs 11.5 lakh crore at current valuations, says report

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.