Shipping Corp zooms on return to profit in Q4

The state-owned shipping major reported a net profit of Rs 13.24 crore against a loss of Rs 281.44 crore in Q4 last fiscal

Shares of Shipping Corporation were up 16% at Rs 64 after returning to profit in the fourth quarter ended March 2014 compared to a massive loss in the corresponding quarter last fiscal.

The state-owned shipping major reported a net profit of Rs 13.24 crore in the fourth quarter compared to a loss of Rs 281.44 crore in the fourth quarter ended March 2013.

Total income for the fourth quarter increased 31.7% to 1,281.94 crore compared with 973.57 crore in the corresponding quarter last fiscal.

The stock opened at Rs 59 and touched a high of Rs 64.65 on the BSE. Over 6.1 million shares were traded on both the stock exchanges so far.