Shipping stocks skyrocket 20%, Shipping Corporation, Eastern Shipping lead
Shipping stocks surged with Shipping Corporation of India hitting a new all-time high, and Great Eastern Shipping a 52-week high. Investors anticipate a Rs 15,000-20,000 crore Maritime Development Fund from the Union Budget. Essar Shipping surged, along with Cochin Shipyard. Multibagger returns were seen, but experts' opinions do not represent Economic Times' views.
Shares of shipping companies rallied up to 20% in today’s trading session on BSE ahead of the expectations of positive developments by the government in the upcoming Union .Shares of witnessed the highest surge of nearly 20% to rise to its new all-time high of Rs 328.90 on BSE today and was followed by , whose shares also made a new 52-week high of Rs 1,542.80 after jumping over 13%.
shares also witnessed a jump of 10% in today’s session, while the shares of and gained 5% each on BSE.
’ shares also jumped 4.5% to day’s high of Rs 5,599.95 on BSE.
The rally in the sector is attributed to various reasons, the primary reason being an anticipation of the government’s proposal for the creation of a , namely , in the Union Budget.
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As per reports, Maritime Development Fund is likely to get an allocation of Rs 15,000 crore to Rs 20,000 crore. Shipbuilders are reacting to these developments as reports suggest that through the Maritime Development Fund, they can avail long-term loans at a lower cost.
Shipping companies like Mazagon Dock, Cochin Shipyard, Great Eastern Shipping Company among others have given multibagger returns to its investors in the last one year and can still be seen growing at a fast pace.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
