Meanwhile, the S&P BSE Sensex was up 163.30 points, 0.57% to Rs 28,995.75.

On the BSE, 1.71 lakh shares were traded on the counter so far as against the average daily volumes of 30,760 shares in the past one quarter. The stock had hit a high of Rs 518.80 so far during the day, which is also 52-week high. The stock hit a low of Rs 480.60 so far during the day. The stock had hit a 52-week low of Rs 313.70 on 4 March 2016.

The small-cap company has equity capital of Rs 28 crore. Face value per share is Rs 10.

The strategic stake sale should materialize by middle of the next fiscal year starting April, the media report suggested.

The government currently holds 73.47% stake in Dredging Corporation of India (as on 31 December 2016).

Dredging Corporation of India's reported net profit of Rs 14.04 crore in Q3 December 2016, compared with net loss of Rs 19.62 crore in Q3 December 2015. Net sales fell 13.7% to Rs 139.39 crore in Q3 December 2016 over Q3 December 2015.

State-run Dredging Corporation of India provides dredging services to the major ports of the country.