Great Eastern Shipping Company surged 3.86% to Rs 406.25 at 11:06 IST on BSE after the company said it has taken delivery of Secondhand Suezmax crude carrier of about 1.57 lakh deadweight tons.
The announcement was made after market hours yesterday, 27 March 2017.Meanwhile, the S&P Sensex was up 133.51 points, or 0.46% at 29,370.66. The S&P BSE Mid-cap index was up 89.52 points, or 0.65% at 13901.60.
On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 39,282 shares in the past one quarter. The stock had hit a high of Rs 409.35 and a low of Rs 395 so far during the day.
The stock had hit a 52-week high of Rs 412.95 on 20 March 2017 and a 52-week low of Rs 296.60 on 24 June 2016. The stock had outperformed the market over the past one month till 27 March 2017, advancing 6.03% compared with the Sensex's 1.47% rise. The scrip had also outperformed the market over the past one quarter advancing 11.79% as against the Sensex's 11.53% rise.
The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.
Great Eastern Shipping Company announced that the company has taken delivery of Secondhad Suezmax Crude Carrier Jag Lakshya of about 1.57 lakh deadweight tons (dwt). The company had contracted to buy the vessel in December 2016.
With the inclusion of this vessel, the company's current fleet stands at 44 vessels, comprising 29 tankers and 15 dry bulk carriers with an average age of 9.42 years aggregating 3.69 million dwt. Additionally, the company has committed to purchase 1 Secondhand Supramax Dry bulk carrier.
Great Eastern Shipping Company's consolidated net profit fell 33.4% to Rs 238.36 crore on 23.2% decline in net sales to Rs 738.91 crore in Q3 December 2016 over Q3 December 2015.
GE Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).
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