Great Eastern Shipping Company rose 2.56% to Rs 376.45 at 09:46 IST on BSE after the company signed a contract to sell a very large gas carrier.
The announcement was made after market hours on Thursday, 3 July 2014.
Meanwhile, the S&P BSE Sensex was up 33.82 points or 0.13% at 25,857.57
On BSE, so far 19,818 shares were traded in the counter as against average daily volume of 40,323 shares in the past one quarter.
The stock had hit a 52-week high of Rs 394 in intraday trade today, 4 July 2014. The stock hit an intraday low of Rs 371 so far during the day. The stock had hit a 52-week low of Rs 208 on 9 July 2013.
The stock had underperformed the market over the past one month till 3 July 2014, rising 2.83% compared with 3.88% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 7.86% as against Sensex's 14.73% rise.
The mid-cap company has equity capital of Rs 150.81 crore. Face value per share is Rs 10.
Great Eastern Shipping Company signed a contract to sell "Jag Vidhi", a very large gas carrier (VLGC). The 1990 built vessel of about 49,701 deadweight tonnage (dwt) will be delivered to the buyers in second half of year ending 31 March 2015.
Excluding Jag Vidhi, the company's fleet stands at 28 vessels, comprising 20 tankers and 8 dry bulk carriers with an average age of 9.5 years aggregating 2.32 millon dwt, Great Eastern Shipping Company said.
On a consolidated basis, Great Eastern Shipping Company's net profit fell 20.2% to Rs 66.84 crore on 8% decline in total income to Rs 781.80 crore in Q4 March 2014 over Q4 March 2013.
Great Eastern Shipping Company operates in two main businesses viz. shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The company's offshore business services to the oil companies in carrying out offshore exploration and production activities.
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