Plus you can add the Offices at Chennai, Kolcatta, Vizag, Kochi, New Delhi ports across India, not sure how many residential flats they are Holding across India
SHIPPING CORPORATION OF INDIA LAND AND ASSETS LIMITED (INE0PB301013)
This stock currently trades at Rs.38.1 as of today, it on LC with 72L sell qty want to buy?
https://www.nseindia.com/get-quotes/equity?symbol=SCILAL
Further they declared their FY24 Q3 results c21e068e-bc05-4d8a-abf3-cec9a59b5152.pdf (bseindia.com)
Training Institute is in losses. Rentals are a good 20Cr/qtr or 80Cr/yr. EPS will be around Rs.1.
But why would someone do so , it’s not like the assets would be liquidated , SCILAL is not even a business except for the maritime institute. People were really eager about the privatization also but when I look at the bidders the two top most interested parties are Megha Engineering , Vedanta . Not many would like to hold company held by those promoters. To add to that what SCI is left to offer for the acquirer is an old fleet of ships which can be acquired in the open market also why would someone take the burden of bearing rentals of emplyees in Mumbai. The earnings have been muted for SCI from past 2-3 quarters as against better shipping companies like Great Eastern . Disappointed with having taken this technical bet on SCI , smart people took an exit at ATH
The moot question here is ,
Even after separating the assets, will they find Suitors for SCI with an aging fleet ?As most of the smart Foreign owners have formed an Indian Subsidiary and are plying in Indian waters with Indian Flag, bypassing Cabotage rules !!
Secondly there are no signs that Govt will sell SCILAL, they could be valued at Half the cost in Books.
Holding SCILAL is losing on Opportunity cost.