Lost your password?
Don't have an account? Sign Up

SCI Land & Assets to debut on bourses on March 19 under T2T category

Share This News Story:

MUMBAI : Shipping Corporation of India Land and Assets (SCILAL), a demerged entity of Shipping Corporation of India (SCI), will debut exchanges on March 19, 2024 under the T2T category. According to reports, SCILAL received final listing and trading approval for listing its 46 crore shares of Rs 10 each from the BSE and NSE.

Under the T2T (trade-to-trade) category, stocks can only be traded on a delivery basis. This means that when one buys T2T stocks, an investor or trader is required to pay the full amount for the stock and intra-day is not allowed by design.

SCILAL was formed in November 2021 to hold the non-core assets of SCI, which falls under the Ministry of Ports, Shipping, and Waterways. As part of its strategic sale process, the government hived off the real-estate assets of SCI – shipping house, a 19-storey building, and maritime training institute, both in Mumbai, and certain other non-core assets of SCILAL.

The value of SCILAL’s non-core assets stood at Rs 2,392 crore as on March 31, 2022, balance sheet data showed. The demerger of SCI and SCILAL into separate entities was approved by the Ministry of Corporate Affairs in February 2023.

SCILAL’s total income rose 34 percent year-on-year (YoY) to Rs 256 crore in Q3FY24 from Rs 190 crore in Q3FY23. Profit, on the other hand, was flat at Rs 151 crore from Rs 152 crore in the year-ago period.

Meanwhile, the total expenses of SCILAL declined 21 percent YoY to Rs 75 crore in Q3FY24, as against Rs 95 crore in the year-ago period.

Share This News Story: