SCI corrects on profit taking

Shipping Corporation of India (SCI) slipped 2.73% to Rs 69.35 after the counter witnessed some bit of profit taking after a recent steep surge.

The stock climbed 20.95% in the past three sessions to end at Rs 71.30 yesterday (7 December 2020), from its recent closing low of Rs 58.95 on 2 December 2020.

On a year-to-date (YTD) basis, the stock has risen 12.82% while the benchmark S&P BSE Sensex has added 10.74% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 78.214 on BSE. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day daily simple moving average (SMA) placed at 53.71, 56.03 and 51.25, respectively. These levels will act as crucial support zones in near term.

Shipping Corporation of India is the only Indian shipping company operating break-bulk service, international container service, liquid/dry bulk service, offshore service, passenger service, in addition to manning/managing a large number of vessels on behalf of various government departments and organizations.

The company reported a consolidate net profit of Rs 141.89 crore in Q2 FY21 as against a net loss of Rs 40.91 crore in Q2 FY20. Net sales during the quarter declined by 13.5% YoY to Rs 843.21 crore.

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