SCI

Feb 7 (Reuters) - shipping corporation of India Ltd SCI.NS:

• DEC-QUARTER CONSOL PROFIT 755.2 MILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 13.16 BILLION RUPEES

Source text: [ID:]

Further company coverage: SCI.NS

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By Nidhi Verma

NEW DELHI, Feb 1 (Reuters) - India will set up a 250-billion-rupee ($2.9-billion) maritime development fund for the long-term financing of the country's shipbuilding and repair industry, Finance Minister Nirmala Sitharaman said on Saturday.

The South Asian nation is spending billions of dollars to refurbish infrastructure in an effort to become a world-class manufacturer as Prime Minister Narendra Modi aims for India to be a developed nation by 2047.

The government will contribute 49% of the fund and mobilise the remainder from ports and the private sector, Sitharaman in presenting budget proposals for the fiscal year from April 1.

India's shipping fleet has not kept pace with its surge in trade, including imports of energy and exports of refined oil products.

The government plans to set up a new shipping company with participation from oil refiners and Shipping Corp of India to expand its fleet to cut freight payments to foreign carriers, Reuters reported last year.

Shipping Corp's shares rose 3.8% after the budget announcement.

The governments will also promote shipbuilding clusters to increase the range, categories and capacity of ships, Sitharaman said. "This will include additional infrastructure facilities, skilling and technology to develop the entire ecosystem."

India will also issue credit notes for shipbreaking in Indian yards to incentivise the scrapping of old vessels and building of new ones.

Sitharaman announced extention of import tax exemption by 10 years on inputs needed for ship building and ship breaking activities.

($1 = 86.5360 Indian rupees)

(Reporting by Nidhi Verma; Editing by William Mallard)

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By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Jan 27 (Reuters) - Indian Prime Minister Narendra Modi is pouring billions into ailing state-run firms after slowing ambitious divestment plans that were intended to reduce the role of the state in business, according to government sources and a document reviewed by Reuters.

Less than a month into 2025, New Delhi has plans to invest about $1.5 billion in financial rescue packages for two state-owned firms after failing to sell them to private companies.

It has also decided to put in "abeyance" privatisation of at least nine state-owned units after opposition from relevant ministries, according to a document that detailed recommendations of a government panel set up to identify privatisation candidates. The document, reviewed by Reuters, did not cite reasons for the decision.

The nine companies include Madras Fertilizers MDFT.NS, Fertilizer Corp of India, MMTC MMTC.NS and NBCC (India) NBCC.NS, the document showed.

Housing and Urban Development Corp HUDC.NS, that was also identified for privatisation, has now been 'exempted' implying it will not be sold, according to the document.

Among the state-owned companies being revived with government funding is helicopter operator Pawan Hans.

The government is planning to infuse around $230 million-$350 million in Pawan Hans to modernise its aging fleet of helicopters after four failed attempts to sell the company, two government sources said.

The amount of infusion is still being finalised as the options being considered for fleet modernisation include both outright acquisition and leasing, one of the sources said.

The sources declined to be identified because of the sensitivity of the issue.

India's finance and civil aviation ministries did not immediately reply to e-mails seeking comment on the privatisation plans or on the Pawan Hans investment.

The fund infusion in Pawan Hans and plans to halt the privatisation of nine firms have not been previously reported.

In 2021, Modi's government announced a major programme to privatise most of India's state-run companies. The plan was so drastic that even in the four sectors that India sees as sensitive, such as telecoms and banking, it wanted to keep only a minimum presence, while exiting from all other sectors.

But now it is planning rescue and revival plans for companies even outside the sensitive sectors.

Last week, the government announced a $1.3 billion plan to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL).

The government has also allocated 80 billion rupees in 2024/25 for bond repayments of state-run telco MTNL that has seen a series of defaults lately, according to budget documents for the current year.

PRIVATISATION SLOWDOWN

Four years since the privatisation policy was announced, the Modi government has had only three successes, out of which Air India's sale to the Tata Group was the largest. The other two were indirect holdings in steel-maker Neelachal Ispat Nigam Ltd to Tata Steel TISC.NS and Ferro Scrap Nigam to Konoike Transport Co 9025.T.

Other large sales have either been deferred or delayed.

The U-turn in policy was partly driven by the expectation that some large state-owned firms could be overhauled and made more profitable, helping the government earn dividend income, Reuters has reported previously.

Political pressures on Modi have increased after he came back to power in mid-2024 only with the help of regional allies, making it more difficult to overcome opposition to privatisation by employee unions fearing job losses.

The sale of state refiner Bharat Petroleum Corp BPCL.NS was rolled back in 2022 after failing to get suitors. The ongoing privatisation of Shipping Corp of India SCI.NS and BEML BEML.NS has been stuck for years due to complications over transfer of land holdings. The government has also been dragging its feet on the sale of a majority stake in IDBI Bank IDBI.NS.

In previous years, privatisation formed an important part of the government’s plan to reduce its budget gap. But with the federal fiscal deficit seen falling to a more comfortable 4.9% of GDP in the 2024-25 year, the fiscal push for divestment has waned.

New Delhi is expected to miss its internal stake sale target of 180 billion to 200 billion rupees in 2024-25 (April-March) for the sixth straight year. As of January, government has mopped up 86.25 billion rupees via stake sales in 2024/25.

($1 = 86.4250 Indian rupees)

(Reporting by Nikunj Ohri and Sarita Chaganti Singh; Editing by Ira Dugal and Raju Gopalakrishnan)

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** Shares of Shipping Corporation of India SCI.NS rise as much as 14.3% to 242.70 rupees, mark sharpest intraday pct gain since July 11

** State-owned shipping co on Friday reported more than four-fold jump Y/Y in Q2 consol profit while rev from ops rose 32.7% Y/Y

** SCI saw rise in revenue in all its segments, with Tanker business - more than 60% of co's Q2 rev - growing 16.8%

** Stock is witnessing its most active trading session since Aug. 12 with more than 21.5 mln shares changing hands, 11x its 30-day avg

** Stock up ~47% YTD, on track for sixth straight yearly gain

(Reporting by Ashish Chandra in Bengaluru)

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Nov 8 (Reuters) - shipping corporation of India Ltd SCI.NS:

• SEPT-QUARTER CONSOL PROFIT 2.91 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 14.51 BILLION RUPEES

• NAMES CHARUSHEELA L. GOLAPALLI AS CFO

Source text: ID:nBSE56DnMN

Further company coverage: SCI.NS

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shipping corporation of India Ltd SCI.NS:

• SHIPPING CORP- UNIT GOT LETTER OF APPROVAL FOR KANDLA SPECIAL ECONOMIC ZONE

• SHIPPING CORPORATION OF INDIA LTD- SPECIAL ECONOMIC ZONE FACILITIES EXTENDED

Source text for Eikon: ID:nBSE1jFpJq

Further company coverage: SCI.NS

** Shares of Shipping Corporation Of India SCI.NS rise 9.5% to 281.7 rupees

** State-owned shipping co reported a 70% rise in Q1 consolidated profit, rev from ops up 26%

** Co aided by strong demand in core tanker segment

** Stock up 73% YTD, up to last close

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Indian shipping companies up 5%-20%

** Government may announce incentives and launch Maritime Development Fund (MDF) for shipping services providers and shipbuilders in July 23 budget, broadcaster CNBC Awaaz reports, citing sources

** Adds, MDF likely to receive allocation of 150 bln rupees to 200 bln rupees (1.79 bln-$2.39 bln) to help shipbuilders, like Shipping Corp SCI.NS, avail long-term loans at lower costs

** SCI and peer Shreyas Shipping SRSH.NS up 20% each; SCI at record high while SRSH eyes best day since May 2023

** Garden Reach Shipbuilders GRSE.NS, Cochin Shipyard COCH.NS and Mazagon Dock MAZG.NS up 5% each; Seamec SEAM.NS up 6.4% at record high

($1 = 83.5685 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

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** Shares of Great Eastern Shipping Company GESC.NS rise 2.5% to 1096.7 rupees

** Co signs contract to buy medium range product tanker of about 49,990 dwt to expand, modernise fleet

** Stock up for third straight day; trading above key 50-, 100-, 200- day moving avgs

** More than 814,000 shares traded, 0.6x its 30-day avg

** Stock up 12% YTD, continuing a rally for fourth consecutive year; peers Seamec Limited SEAM.NS and Shipping Corporation of India SCI.NS are up ~2% and ~50%, respectively

(Reporting by Aleef Jahan in Bengaluru)

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By Nidhi Verma

NEW DELHI, June 5 (Reuters) - India plans to set up a new shipping company to expand its fleet by at least 1,000 ships in the next decade, as Asia's third-largest economy seeks a bigger chunk of revenue from surging trade, two government officials said.

The South Asian nation is spending billions of dollars to refurbish infrastructure in its race to become a world-class manufacturer with Prime Minister Narendra Modi, who won a third term this week, aiming for it to be a developed nation by 2047.

The yet-to-be-named firm will be jointly owned by state-run companies in the oil, gas and fertiliser industries, which would provide it with business, along with the state-run Shipping Corp of India SCI.NS and foreign companies.

India's oil and shipping ministries did not respond to requests for comment.

The aim is to reduce freight outgoings to foreign firms by at least a third by 2047, said the sources, who sought anonymity as they were not authorised to speak to the media.

"Current estimates show freight costs will rise to $400 billion as we boost our exports and imports by 2047," said one of the sources, who has direct knowledge of the matter.

Indian companies paid freight costs of $85 billion in the financial year 2019/20, of which $75 billion was paid for use of foreign vessels, the source added.

The turn to foreign carriers comes as India's shipping fleet has not kept pace with its surge in trade, including imports of energy and exports of refined oil products.

India has a fleet of about 1,500 large vessels including tankers, gas carriers, container ships and dry bulk carriers, the sources said.

In January India's oil and shipping ministries agreed that all state-run oil companies and the planned company work together, a government document seen by Reuters showed.

They would draw on the expertise of the Shipping Corp of India in "tanker acquisition and ownership, operations and other areas of shipping", it added.

On May 16, the two ministries formed a joint working group of government and industry officials to devise a roadmap, the document showed.

The new firm will be based at GIFT IFSC, a financial centre in Modi's western home state of Gujarat that aims to compete with hubs such as Singapore by offering fiscal incentives and a more streamlined regulatory environment.

It would draw seed capital from a maritime development fund of roughly 300 billion rupees ($3.6 billion) the government plans to set up in a tie-up with major port authorities, the first source said.

To secure low-cost, long-term loans for financing ship-building, the two ministries want state-run companies to sign 15-year charter deals with the new firm.

That represents a shift from the current practice of booking specific voyages or one- or two-year charters.

"In return the state-run companies can also become stakeholders in the new ship owning and leasing entity," the source added.

"The plan is to consolidate the government-side cargo demand from other ministries, mainly the energy and fertiliser cargoes."

($1=83.5131 Indian rupees)

(Reporting by Nidhi Verma; Editing by Clarence Fernandez)

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June 4 (Reuters) - Container Corporation of India Ltd CCRI.NS:

• CONTAINER CORPORATION OF INDIA LTD - CO AND SHIPPING CORPORATION OF INDIA SIGNED AN MOU

Source text for Eikon: ID:nBSE7pl0LG

Further company coverage: CCRI.NS

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** Shares of ship builder Cochin Shipyard COCH.NS jump as much as 6.3% to a record high of 1,047.50 rupees, third all-time high so far this month

** Over 256,000 trade in 4 block deals as of 10:27 a.m. IST at 1028.30-1044.55 rupees - LSEG

** Shipping Corp Of India SCI.NS, Garden Reach Shipbuilders & Engineers GRSE.NS, Mazagon Dock Shipbuilders MAZG.NS also up 2%-9%

** Reuters could not immediately ascertain reason for stock moves

** SCI set for fifth straight winning session, if gains hold

** GRSE most active since early Jan, with 3.5 mln shares traded so far

** Over 51,500 shares MAZG trade in 2 block deals as of 10:11 a.m. IST at 2148.85-2152.50 rupees - LSEG

** MAZG down 5.8% YTD, while GRSE up 1.3%

** COCH, SCI up ~53% and 36%, respectively, YTD

(Reporting by Rama Venkat in Bengaluru)

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March 28 (Reuters) - shipping corporation of India Ltd SCI.NS:

• SOLD ONE PRODUCT TANKER “M.T. SUVARNA SWARAJYA”

Source text for Eikon: [ID:]

Further company coverage: SCI.NS

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By Manoj Kumar and Nidhi Verma

NEW DELHI, March 7 (Reuters) - India aims to convert its entire coastal and inland waterways shipping to renewable energy in the next five years, the shipping secretary said on Thursday, aiding Prime Minister Narendra Modi's goal for net zero carbon emissions by 2070.

"We envision that all our vessels, which now use waterways, will all get converted into green. In five years, it is doable", T. K. Ramachandran said at an event organised by the Federation of Indian Chambers of Commerce and Industry.

India’s current share of renewable energy at major ports is less than 10% according to government estimates.

India, which extensively depends on foreign fleets, is also planning to add around 5,000 new vessels over the next decade to its existing capacity of about 1,500 vessels.

Last month, Modi launched the first Indian-made hydrogen-run ferry. Warship maker Garden Reach Shipbuilders & Engineers GRSE.NS has announced plans to develop green energy vessels that would use solar power and batteries.

Globally the shipping industry emits about 3% of the world's CO2 emissions. India's efforts to cut its carbon footprint will also help in meeting the International Maritime Organization's target to reduce overall greenhouse gas emissions from ships by 50% from 2008 levels by 2050.

To boost its shipping industry, Asia's third-largest economy also plans to set up a Maritime Development Fund to help manufacture green vessels and ports, said another government official.

"We are in the initial stage of setting up the Maritime Development Fund," said R Lakshmanan, joint secretary in the federal shipping ministry, adding an announcement could be made later this year.

India plans to build green hydrogen hubs at three ports- Kandla, Thoothukudi, and Paradip, Lakshmanan said.

New Delhi has set an ambitious production target of 5

million metric tons of green hydrogen per annum by 2030.

($1 = 82.6780 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Chizu Nomiyama)

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Feb 9 (Reuters) - shipping corporation of India Ltd SCI.NS:

• SHIPPING CORPORATION OF INDIA DEC-QUARTER CONSOL PROFIT 1.34 BILLION RUPEES VERSUS PROFIT 2.67 BILLION RUPEES

• SHIPPING CORPORATION OF INDIA DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 13.41 BILLION RUPEES VERSUS 14.96 BILLION RUPEES

Source text for Eikon: ID:nNSE9sKS3T

Further company coverage: SCI.NS

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** Shares of state-run Shipping Corporation of India SCI.NS rise as much as 9.6% to a record 290.74 rupees

** Listing of Shipping Corporation of India Land and Assets (SCILA), demerged from SCI, to be completed within a month, Department of Investment and Public Asset Management (DIPAM) Secretary told Moneycontrol in an interview

** DIPAM, SCILA, SCI did not immediately respond to Reuters' requests for comment

** Stock on track to rise in fifth straight session, gaining ~37%, if trend holds

** Stock has gained ~70% since Dec. 19 when Indian shipping cos rose as vessels rerouted after Red Sea attacks

(Reporting by Varun Vyas in Bengaluru)

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By Nikunj Ohri

NEW DELHI, Feb 2 (Reuters) - India's government expects to raise between 180 billion and 200 billion rupees ($2.2 billion to $2.4 billion) through the sale of stakes in state-run firms in the fiscal year ending March 31, a top government official told Reuters on Friday.

Prime Minister Narendra Modi's administration moved from the usual practise of setting a stake sale target in its budget announced on Thursday. The government slashed the stake sale target of 510 billion rupees for the current year, and said it would now raise 300 billion rupees through both stake sales and asset monetisation in the fiscal year through March 2024.

Modi's ambition of privatising state-run firms has taken a back seat due to impending elections, but his government has delivered more stake sales than any previous administration.

His government has not set a target for the next fiscal year, ending in March 2025, in a break from usual practice.

Tuhin Kanta Pandey, the top bureaucrat at the Department of Investment and Public Asset Management said New Delhi would receive another 120 billion rupees through asset monetisation in the current fiscal year.

But the government will not "aggressively" launch minority stake sales just because state-run companies' shares are at new highs, he said in an interview.

Pandey said the government will continue to monitor Life Insurance Corp of India's LIFI.NS (LIC) financial and share price performance before pursuing any further share sale.

"LIC shares have just reached its initial public offering (IPO) price and we want retail investors, who subscribed to the IPO, to gain," he said.

The insurer's share price has surged nearly 60% since November, raising expectation of another minority stake sale.

India has been unable to sell its Hindustan Zinc (HZL) shares for the last two years as decisions taken by the company's management have spooked both existing and potential investors, Pandey said.

HZL, in which the state owns a 29.54% stake, had decided to demerge its businesses and that proposal is being currently examined by the government, Pandey said.

The process of privatising state-run companies like Shipping Corp of India SCI.NS and BEML BEML.NS will continue, Pandey said, adding the government plans to list SCI's demerged land company in a month and that will pave the way for privatisation.

($1 = 82.8790 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Alexander Smith)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

** Shares of Great Eastern Shipping GESC.NS, Essar Shipping ESPL.NS, Shipping Corp SCI.NS rise between 7%-3%; SCI and GESC hit record highs

** Companies have started diverting ships away from Red Sea due to attacks from Yemen's Iran-backed Houthi militants

** French shipping group CMA CGM, Oil major BP BP.L, Norwegian oil and gas firm Equinor are among cos who paused shipping via Red Sea

** Expect an uptick in demand for cargoes and containers in India as shippers strive to mitigate impact of this situation - Christian Roeloffs, CEO of Container xChange

** India exports petroleum products, chemicals, pharmaceuticals, engineering goods and textiles and apparels through the Red Sea - Roeloffs

** Port operators JSW Infrastructure JSWN.NS and Adani Ports APSE.NS were down 2.2% and 1.2%, respectively

(Reporting by Sethuraman NR in Bengaluru)

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** Shares of Shipping Corporation of India SCI.NS fall as much as 5.8% to 131 rupees

** State-owned shipping company on Friday reported more than 42% Y/Y drop in Q2 consolidated profit, while revenue from ops fell nearly 23% Y/Y

** Revenue from its biggest segment, tanker, which forms more than two-third of its total revenue fell 4.1% Y/Y

** More than 2 mln shares change hands by 11:52 a.m. IST, 0.5x 30-day avg

** Stock up ~26% YTD

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

Nov 3 (Reuters) - shipping corporation of India Ltd SCI.NS:

• SHIPPING CORPORATION OF INDIA LTD SEPT-QUARTER CONSOL PROFIT 657.3 MILLION RUPEES VERSUS 1.14 BILLION RUPEES

• SHIPPING CORPORATION OF INDIA LTD SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 10.93 BILLION RUPEES VERSUS 14.17 BILLION RUPEES

Source text for Eikon: ID:nBSERZ1xq

Further company coverage: SCI.NS

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Oct 11 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• CUTS STAKE IN SHIPPING CORPORATION OF INDIA FROM 6.032% TO 3.991%

Source text for Eikon: [ID:]

Further company coverage: LIFI.NS

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** Shares of Shipping Corp of India SCI.NS rise as much as 9% to 102.70 rupees, their highest since March 27

** State-owned marine freight co late on Tuesday said its consolidated profit for the March-qtr more than doubled

** Rev from ops increased 8.4% Y/Y, while total expenses decreased 1.6%

** Tanker segment revenue increased 81.6% Y/Y to 9.53 bln rupees, which contributed the most to total revenue

** Stock above 200- and 50-day simple moving avg

** More than 8 mln shares traded as of 10:12 a.m. IST, 5.6 times their 30-day moving avg

** SCI down 11.3% in the Jan-March qtr, last up 6.9%

($1 = 81.7800 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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By Nikunj Ohri

NEW DELHI, April 11 (Reuters) - The Indian government plans to invite financial bids for the privatisation of Shipping Corp of India Ltd (SCI) SCI.NS next month, as it looks to sell the state-run company after years of delay, two government officials told Reuters.

The Prime Minister Narendra Modi-led government had, in 2019, announced plans to privatise a number of state-run companies, including selling its stake in SCI, which was stalled due to regulatory delays.

SCI – which owns and operates bulk carriers and crude oil tankers, among others – had to spin off its non-core assets before the government could sell its 63.75% stake, which hit a roadblock over the amount of funds to be transferred to the demerged entity.

SCI completed the spinoff last month after getting regulatory approval late in February.

This demerged entity, called SCI Land Assets Ltd, will have to be listed before April 23 and government plans to do that soon, one of the two officials said.

The government now aims to invite financial bids for SCI, which owns and operates around one-third of India's total tonnage, by mid-May, said the two officials.

The officials did not want to be named as the plan is not yet public.

A final decision will be taken on April 14 by a panel headed by India's cabinet secretary, they said.

This panel will also consider a proposal to invite initial bids for selling the government's 31% stake in Container Corporation of India Ltd CCRI.NS, which has been delayed since 2020, one of the officials said.

The finance ministry did not immediately reply to an email seeking comment.

(Reporting by Nikunj Ohri; Editing by Savio D'Souza)

(([email protected]; +91 90284 60730; Reuters Messaging: www.twitter.com/nikunj_ohri))