Shares of shipping companies are continue their upward march and rallied up to 14% second day in a row after the Baltic Dry Index touched its highest level since December 23, 2011 on Wednesday.
ABG Shipyard, Bharati Shipyard, Shipping Corporation of India (SCI), Mercator, Great Eastern Shipping Company and Varun Shipping Company are up 3-18% on the Bombay Stock Exchange (BSE).
The Baltic Dry Index, benchmark for measure of shipping or sea freight rates across the world, has surged over 30% in past two weeks.
Higher shipping rates are generally positive for shipping companies’ revenues, which will positively affect earnings, cash flows, and share prices.
ABG Shipyard has zoomed 14% to Rs 343, extending its previous day’s 20% rally on the BSE. On Thursday, ICICI Prudential Life Insurance Company had sold 582,000 shares of private shipbuilder at an average market price of Rs 271 per share, through open market transactions. However, the name of the buyer was not disclosed by the company.
Among the other individual stocks, Bharati Shipyard has soared 11% to Rs 34, followed by G E Shipping (up 4% at Rs 309) and SCI (up 3% at Rs 41.80) at 1010 hours.
ABG Shipyard, Bharati Shipyard, Shipping Corporation of India (SCI), Mercator, Great Eastern Shipping Company and Varun Shipping Company are up 3-18% on the Bombay Stock Exchange (BSE).
The Baltic Dry Index, benchmark for measure of shipping or sea freight rates across the world, has surged over 30% in past two weeks.
Higher shipping rates are generally positive for shipping companies’ revenues, which will positively affect earnings, cash flows, and share prices.
ABG Shipyard has zoomed 14% to Rs 343, extending its previous day’s 20% rally on the BSE. On Thursday, ICICI Prudential Life Insurance Company had sold 582,000 shares of private shipbuilder at an average market price of Rs 271 per share, through open market transactions. However, the name of the buyer was not disclosed by the company.
Among the other individual stocks, Bharati Shipyard has soared 11% to Rs 34, followed by G E Shipping (up 4% at Rs 309) and SCI (up 3% at Rs 41.80) at 1010 hours.
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