Volume Shocker: Shipping Corporation of India

Shipping Corporation of India has rallied 5.5% at Rs 59.80 on back of over two-fold jump in trading volumes. As many as a combined 1.14 million shares have already changed hands on the counter so far, against an average sub 400,000 shares that were traded daily in past two weeks.

The state-owned shipping company has increased the freight rate by $200 with effect from July 1 for a TEU bound from India to Europe to meet the soaring operational costs.

“The company will increase the freight rate by $200 per standard container effective from 1 July. The increase will apply to all cargo destined for ports in North Europe, the United Kingdom, the Mediterranean and Black Sea region,” the company said in a press release.