SCI Recovers 5% As Divestment Fears Die Down

Mumbai, September 16: | Updated: Sep 17 2003, 05:30am hrs
The share price of Shipping Corporation of India (SCI) moved up by 4.79 per cent on BSE after posting initial losses on account of uncertainty regarding HPCLs divestment. The stock opened at Rs 103, went on to touch a high of Rs 110.90 before settling at Rs 108.30 on BSE.

On NSE the SCI share appreciated by 1.40 per cent to close at Rs 108.20 as against its earlier close of Rs 106.70. SCI touched a low of Rs 91.50 on BSE, while on NSE it dropped to Rs 92.25. The stock clocked total trading volumes of 18,32,122 shares on BSE, whilst on NSE a total of 53,33,480 SCI shares changed hands.

Market analysts are of the opinion that initially there were concerns about the disinvestment of SCI during the morning session as a part of knee-jerk reaction to supreme court decision on HPCL-BPCL, but later the SCI recovered as the fears died down.

Said an analyst, There was a lack of buying support initially but market players felt that shipping is in the final stages of disinvestment and will not be impacted by the Supreme Court judgement of parliamentary approval for divestment in HPCL. Said a dealer, The moment the bid price is announced the stock of SCI will shoot up, so one needs to wait and watch.