New Delhi: Shares of Shipping Corporation of India today soared 16% to touch its one-year high level following reports that Niti Aayog has proposed strategic sale of about 26% stake in the company.

The stock after making a strong opening further jumped 15.94% to 92—its 52-week high—on the BSE before it closed at 5.40, higher by 7.62% against the previous session’s closing.

On the NSE, the shares surged 8.25% to Rs85.95.

NITI Aayog has proposed strategic sale of about 26% stake in Shipping Corporation of India, which could fetch about 960 crore to the exchequer.

The government holds 63.75% stake in the Navratna PSU. After the sale of 26% stake, the government holding in the company will come down to 37.75%. The government has budgeted to raise 15,000 crore through strategic sale of PSUs this fiscal.

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