Global cues facilitate a smooth sailing for SCI

DALAL STREET SPIKES

Shipping Corporation of India (SCI) jumped 8.23 per cent to Rs 213.10 in response to a sustained rise in the Baltic Dry Index, a benchmark for the cost of shipping various commodities such as coal and iron ore.

The Baltic Dry Index rose for a fifth consecutive day on Thursday. The index has bounced back after having plunged to a seven-month low on 29 January 2008 on concerns that global growth will slow.

SCI's net profit declined 22 per cent to Rs 176.78 crore on a 11.5 per cent fall in q-o-q net sales to Rs 915.27 crore in Q3 December 2007.