Shipping Corporation shares rise 8% on signing MoU with BPCL, HPCL & IOCL

Shipping Corporation of India (SCI) shares gained 8.1 per cent on BSE, logging an intraday high at ₹237.1 per share after the company inked MoU to build and operate a fleet together

Shipping Corporation of India (SCI) shares gained 8.1 per cent on BSE, logging an intraday high at ₹237.1 per share. At 9:30 AM, SCI’s share price was trading 6.82 per cent higher at ₹234.25 per share on BSE. The stock advanced after the company signed multiple Memorandum of Understanding (MoU) with Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and Indian Oil Corporation (IOCL).   Meanwhile, BPCL shares were up 0.24 per cent, HPCL up 0.8 per cent, but IOCL down 0.03 per cent. In comparison, the BSE Sensex was down 0.23 per cent at 82,436.11.

Shipping Corporation MoU details

“As part of the Government of India’s initiative through the Ministry of Ports, Shipping and Waterways (MoPSW) and the Ministry of Petroleum and Natural Gas (MoPNG), the Shipping Corporation of India Ltd. (SCI) has signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Ltd. (BPCL), Hindustan Petroleum Corporation Ltd. (HPCL), and Indian Oil Corporation Ltd. (IOCL),” the filing read. 

 

 

The purpose of this collaboration is to build and operate a fleet together that will support the vision of Atmanirbhar Bharat, strengthen India’s shipping capacity, and improve the country’s energy security. Under this MoU, companies plan to jointly acquire, own, operate, and manage vessels. 

 

These vessels shall be used for international trade as well as coastal transport of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes. 

 

That apart, in July, the company had inked a Memorandum of Agreement (MoA) for the acquisition of two second-hand Very Large Gas Carriers (VLGCs). 

 

These two VLGCs are expected to be inducted into SCI’s fleet during the current quarter of FY 2025–26, exchange filing added. 

 

In Q1, SCI’s consolidated net profit stood at ₹354.17 crore, as compared to ₹291.48 crore  a year ago. Its revenue from operations stood at ₹1.31 crore, as compared to ₹1.51 crore a year ago. 

 

The Shipping Corporation of India (SCI), a Navratna public sector undertaking under the Ministry of Ports, Shipping and Waterways, is an Indian shipping company with a presence across all major segments—tankers, bulk carriers, containers, offshore vessels, break-bulk operations, and coastal and passenger services.

 

SCI’s vision is to be India’s primary flag carrier for overseas and coastal trade and a leader in global maritime logistics, while its mission emphasises maintaining its “Numero Uno” position in Indian shipping.