Shipping Corporation of India Ltd touched a new 52-week high during Tuesday's trading session.
According to the company's exchange filing, the Ministry of Corporate Affairs' final hearing in New Delhi to obtain approval for the Scheme of Arrangement for Demerger is scheduled for Thursday, December 29. This is in accordance with the directives the MCA issued during the hearing held on December 16.
The shares of Shipping Corporation of India reached an intraday high of nearly 8% in today's trading session.
Prior to the privatisation process, the board of the Shipping Corporation of India, which is headed for disinvestment, approved the demerger and hive-off of its non-core assets into a new company in November of last year.
In today's trade, the company has gained 69.33% from 52-week low 85.6 recorded on June 22.
The shares of the company is trading at high day volume of 12.5 million, and the weekly average delivery volume is 44.33%.
The stock price has underperformed its sector by 31.13% in the past year. Analysts expect the stock to rally higher in the short term.
"This stock has recently seen a gradual upmove and has formed a ‘Higher Top Higher Bottom’ formation. In Monday’s session, prices witnessed a good buying interest as the stock witnessed a sharp upmove with high volumes, which led to a breakout from its previous swing high resistances. The momentum readings too entered into 'Buy' mode, said Ruchit Jain, lead research, at 5paisa.com.