The recent surge in the stock price of Shipping Corporation of India (SCI) is primarily attributed to positive market reactions following the announcement of a joint venture proposal with a public sector oil marketing company to build very large oil tankers.
This initiative is part of India’s ‘Atmanirbhar Bharat’ self-reliance strategy, aiming to boost domestic shipbuilding and reduce dependence on foreign shipping for oil transport.
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Additionally, the stock rallied after strong first-quarter financial results, climbing by 16.5% and totaling a 40% increase over three sessions, reflecting a year-to-date gain of 113%
Shipping Corporation of India Ltd. (SCI) reported a substantial increase in consolidated net profit for Q2, surging to ₹291.44 crore, a 343.54% rise from ₹65.73 crore in the previous year’s same quarter. Total income also rose to ₹1,491.23 crore compared to ₹1,161.89 crore, reflecting a year-over-year increase.
SCI, a Navratna status company, saw a slight increase in expenses to ₹1,195 crore from ₹1,113 crore. The company has approved a dividend of ₹0.50 per equity share, underscoring its ongoing financial strength and commitment to shareholder returns.
SCI’s robust financial performance this quarter reflects a strong recovery and operational efficiency, despite the rise in total expenses. The company’s strategic management in handling both domestic and international shipping demands, especially in the LNG transportation sector, positions it uniquely in the market.
This performance is particularly notable as it aligns with the ongoing disinvestment plans, highlighting SCI’s attractiveness to potential investors and its pivotal role in India’s maritime industry.
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Over the past year, the stock of Shipping Corporation of India Ltd. has seen a notable increase in performance, yielding a 60.0% return. However, more recent trends indicate a slight decline, with a 0.43% decrease over the past week and a 5.40% drop over the last six months.
| All values in % | Sep-24 | Jun-24 | Mar-24 |
| Promoters | 63.75 | 63.75 | 63.75 |
| FII | 5.61 | 4.56 | 4.66 |
| DII | 3.64 | 8.69 | 7.93 |
| Retail & others | 27 | 23.01 | 23.68 |
Shipping Corporation of India Ltd. (SCI) is India’s largest shipping company, handling the transportation of goods, including LNG, across global routes. It operates a diverse fleet comprising bulk carriers, tankers, and container vessels, supporting both national and international trade demands.
