Shipping Corp slumps after poor Q1 results

Shipping Corporation of India tumbled 5.45% to Rs 70.20 at 10:16 IST on BSE after net profit dropped 72.6% to Rs 55.91 crore on 23.2% decline in net sales to Rs 825.29 crore in Q1 June 2016 over Q1 June 2015.

The result was announced after market hours yesterday, 18 August 2016.

Meanwhile, the S&P BSE Sensex was down 12.07 points or 0.04% at 28,111.37.

On BSE, so far 2.10 lakh shares were traded in the counter as against average daily volume of 1.29 lakh shares in the past one quarter. The stock hit a high of Rs 71 and a low of Rs 67.45 so far during the day. The stock had hit a 52-week low of Rs 54.50 on 29 February 2016. The stock had hit a 52-week high of Rs 100.90 on 21 December 2015. The stock had outperformed the market over the past one month till 18 August 2016, surging 6.15% compared with 1.36% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 2.04% as against Sensex's 9.41% rise.

 

The mid-cap company has equity capital of Rs 465.80 crore. Face value per share is Rs 10.

Shipping Corporation of India (SCI) owns and operates around one-third of the Indian tonnage, and has operating interests in practically all areas of the shipping business; servicing both national and international trades. As at 30 June 2016, the government of India holds 63.75% stake in SCI.

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