SCI Share Price: The stock of India’s largest Shipping Corporation of India Ltd (NSE: SCI) increased by 13 % on Monday (last 5 days), on the back of expectations for a strong increase in profits as well as a stake sale.
Investors were delighted by the robust increase in the lower line of the September quarter. The shipping company owns a fleet of 59 vessels comprising 32 tankers 15 bulk carriers 2 liners as well as 10 supply ships for offshore use.
Strong buying is also seen in the share of Shipping Corporation of India Ltd Land Assets, a unit separated from Shipping Corporation of India Ltd, which rose more than 6% on 11th November.
Profit Increased Manifold In The September Quarter
The consolidated net profit of Shipping Corporation of India increased manifold to Rs 291.44 crore in the September quarter, as against Rs 65.73 crore in the same quarter a year ago.
The Shipping Corporation of India Ltd’s revenue increased to the sum of 1,491.23 crore rupees in September, up from the previous quarter of 1,161.89 crore rupees a year earlier. The shipping company is delighted with this result and has announced a dividend of Rs 0.50 per share to its shareholders.
With this jump, SCI share has compensated for the decline seen in the last month. Let us inform you the fact the following: SCI is the world’s largest shipping company and the only Indian participant in the field of transporting LNG.
According to our report, which has released an update regarding the proposed strategic disinvestment in Shipping Corporation of India Ltd, The management was informed by the company that the process of due diligence for individuals who are qualified to participate is currently taking place.
This sale could bring in three million dollars to the Treasury of the state. The Center has separated SCI’s real property and other assets that are not core to SCI in Shipping Corporation of India Ltd real estate assets. Selling the stake in SCI is expected to be completed by the end of this year.
At noon, Shipping Corporation of India’s share was trading up to 8 percent at around Rs 240. In the last quarter of this year, it yielded a profit of over 11.80%. Whereas, in the last year, it has registered a jump of 67.68%.
Quick Fact
| Company name | Shipping Corporation of India |
|---|---|
| Sector | Shipping |
| Ownership | Government-owned |
| Share price | ₹266.79 |
| Total fleet | 59 vessels |
| Fleet details | 32 tankers, 15 bulk carriers, 2 liners, 10 offshore supply ships |
| Latest profit growth | ₹291.44 crore (September quarter) |
| Last year’s profit | ₹65.73 crore (September quarter) |
| Revenue (September) | ₹1,491.23 crore |
| Previous revenue (year-ago quarter) | ₹1,161.89 crore |
| Dividend Declared | ₹0.50 per share |
| Strategic disinvestment | In progress, due diligence underway |
| Estimated sale completion | End of this year |
| Potential state revenue | $3 million |
| Recent stock increase (5 days) | +13% (on Monday) |
| Annual profit growth | +67.68% |
| 2nd quarter profit growth | +11.80% |
| Share price (noon) | ₹240 (around 8% up) |
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