Shipping Corp sails high on bargain buys

DALAL STREET SPIKES

Shipping Corporation of India (SCI) witnessed bargain hunting on Thursday as the counter gained 13.13 per cent where as the Sensex ended 73 points down.

According to sources, select domestic funds are believed to have bought shares at lower levels. The stock hit an intra-day high of Rs 97.90 before closing at Rs 96.10. A volume of more than 30.3 lakh shares were recorded at the counter on the BSE.

From a low of Rs 69.60 on May 17, 2004, the stock has now risen 39.13 per cent in the last three days to today's close of Rs 96.10.

Before that the stock tanked 52 per cent in a few days from a high of Rs 146.40 on April 23, 2004, to Rs 69.60 on May 17, 2004.

Worries over divestment delays hit the stock. The government holds an 80.1 per cent stake in SCI.