Shipping Corporation of India Land & Assets Ltd Share Price – NSE  /  BSE

Miscellaneous, Small Cap

Net profit of Shipping Corporation of India Land & Assets declined 20.38% to Rs 8.32 crore in the quarter ended March 2024 as against Rs 10.45 crore during the previous quarter ended March 2023. Sales rose 42.45% to Rs 3.96 crore in the quarter ended March 2024 as against Rs 2.78 crore during the previous quarter ended March 2023.

For the full year,net profit rose 33.59% to Rs 47.49 crore in the year ended March 2024 as against Rs 35.55 crore during the previous year ended March 2023. Sales rose 37.76% to Rs 17.22 crore in the year ended March 2024 as against Rs 12.50 crore during the previous year ended March 2023.

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Shipping Corp.of India Land & Assets announced that the Board of Directors of the Company at its meeting held on 29 April 2024, inter alia, have recommended the final dividend of Rs 0.66 per equity Share (i.e. 6.6%) , subject to the approval of the shareholders.

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Shipping Corp.of India Land & Assets will hold a meeting of the Board of Directors of the Company on 29 April 2024.

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Shipping Corporation of India Land & Assets Limited (SCILAL), formed through the demerger of non-core assets from Shipping Corporation of India (SCI), made its stock market debut today, opening at Rs 44.46. The stock reached a high of Rs 46.80 and a low of Rs 44.46 so far.

SCILAL's shares began trading under the Trade-to-Trade (T2T) segment, which restricts trading to delivery-based purchases.

This demerger is part of the government's strategic disinvestment plan to sell its majority stake (63.75%) in SCI. SCILAL was incorporated in November 2021 to house these non-core assets.

The demerger scheme, approved by the Ministry of Corporate Affairs in February 2023, became effective on March 14th. SCI shareholders received one share in SCILAL for every share held in SCI, following a 1:1 ratio.

The non-core assets transferred to SCILAL were valued at Rs 2,392 crore as of March 2022.

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