Shares of Dredging Corporation of India have been soaring in the past three sessions as the company filed its latest shareholding data with the exchanges.
What Happened: As per the latest shareholding data, ace investor Mukul Agrawal picked up a 1.80% stake in the company during the March quarter. The stake, worth 5.05 lakh shares is currently worth around ₹42.42 crore.
Shares of the company have jumped up close to 14% since the data was made public last Friday. The company has had a great run at the bourse this past year, going up over 170%. Apart from Agrawal, India’s biggest investor LIC also owns a stake in the company. The insurer has been a long-time investor in the company and currently holds around 4.39% stake.
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Dredging Corporation of India is a leading dredging company in India, operating under the administrative control of four major ports: Visakhapatnam Port Authority, Jawaharlal Nehru Port Authority (Mumbai), Paradip Port Authority, and Deendayal Port Authority (Kandla).
Last month, the company signed an MoU with BEML to manufacture dredgers and their spares in India. Dredgers are specialized vessels designed for deepening and widening sea coasts and riverbanks by removing sand and other sediments.
Price Action: DCIL’s share price was up 3.63% to trade at ₹837 shortly after market open on Tuesday.
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