Dredging Corporation Rallies Over 15% On Heavy Trading Volumes

Shares of state-run dredging company – Dredging Corporation of India – rallied as much as 17 per cent to hit an intraday high of Rs 398.95 on the back of heavy trading volumes. Meanwhile, the company post market hours on Friday informed exchanges that it has appointed D. Subbarao as Chief Financial Officer of the Company in place of Sumiran Bansal.

Dreding Corporation’s shares were in huge demand on Monday. Over 1.2 lakh shares changed hands on the BSE compared with an average of 25,000 shares traded daily in the past two weeks on the BSE, data from stock exchange showed.

Last month, the company had informed stock exchanges that it had appointed Dr. George Yesu Vedha Victor as the managing director and CEO of the company in place of Rajesh Tripath.

Shares of government-owned enterprises like BEML, BHEL, GAIL India, Shipping Corporation, Container Corporation of India and SAIL India and others have been in demand for quiet sometime after the government indicated for a strong push for disinvestment.

As of 3:06 pm, Dredging Corporation of India traded 15 per cent higher at Rs 391, massively outperforming the Sensex which was down 0.15 per cent.

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