Dredging Corporation zooms 16% on stake sale reports

Following reports of a stake sale, Dredging Corporation on Monday zoomed over 16 percent intraday on Monday. According to a media report, the government was looking to give up controlling stake of 51 percent in the firm. Furthermore, the report added that the government had prepared a Cabinet note on the proposal and is now being circulated among key ministries for comment. In early February, the company reported a net profit of Rs 14 crore for the quarter ended December 31. DCI, under the Ministry of Shipping, had posted a net loss of Rs 19.62 crore in the October-December quarter of the previous fiscal. Its income from operations declined to Rs 151.89 crore during the quarter as against Rs 161.40 crore in the same period of the previous fiscal.The stock has seen strong movements and has posted gains of over 50 percent in the past one year, while its 3-day rise stood at 7 percent. At 11:02 hrs, the stock was quoting at Rs 484.85, up Rs 39.35, or 8.83 percent on the BSE. It touched a 52-week high of Rs 518.80.