Business Business: Shares of India’s largest shipping company, Shipping Corporation of India (SCI), rose more than 13% today on expectations of strong earnings growth and share sale. Investors welcomed the strong earnings growth in the September quarter. In total, the shipping company has a fleet of 59 vessels, which includes 32 tankers, 15 bulk carriers, 2 liners and 10 offshore supply vessels. Shares of SCI Land Assets, a subsidiary of SCI, were also heavily bought today, up more than 6%.
Shipping Corporation of India’s consolidated net profit jumped manifold to Rs 291.44 crore in the September quarter from Rs 65.73 crore in the year-ago quarter. SCI’s revenue in the September quarter rose to Rs 1,491.23 crore from Rs 1,161.89 crore a year ago. The shipping company is happy with the result and has announced a dividend of Rs 0.50 per share to its shareholders. With this rise, the decline in SCI shares last month has been compensated. Let us tell you that SCI is the largest shipping company and the only Indian player in the LNG transportation business.
