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SCI recovers on bargain hunting after 2-day 9.1% slide

Capital Market/ 10:26 , Feb 18, 2013

Shipping Corporation of India rose 2.17% to Rs 49.35 at 10:27 IST on BSE, with the stock recovering on bargain hunting after 2-day 9.12% slide triggered by the company reporting net loss in Q3 December 2012.

Meanwhile, the BSE Sensex was up 36.94 points or 0.19% at 19,505.09.

On BSE, 18,000 shares were traded in the counter as against average daily volume of 1.17 lakh shares in the past one quarter.

The stock hit a high of Rs 49.75 and a low of Rs 48.70 so far during the day. The stock had hit a 52-week low of Rs 47.80 on Friday, 15 February 2013. The stock had hit a 52-week high of Rs 81.70 on 17 February 2012.

The stock underperformed the market over the past one month till 15 February 2013, sliding 14.36% compared with the Sensex's 2.6% fall. The scrip had also underperformed the market in past one quarter, declining 9.89% as against Sensex's 5.4% rise.

The small-cap shipping firm has equity capital of Rs 465.80 crore. Face value per share is Rs 10.

Shares of Shipping Corporation of India (SCI) had declined 9.12% in two trading sessions to settle at Rs 48.30 on Friday, 15 February 2013, from Rs 53.15 on 13 February 2013, after the company reported net loss in Q3 December 2012 during trading hours on 14 February 2013.

SCI reported net loss of Rs 75.26 crore for Q3 December 2012, as against net profit of Rs 74.10 crore in Q3 December 2011. Net sales rose 4.5% to Rs 1010.97 crore in Q3 December 2012 over Q3 December 2011.

SCI's other expenditure for Q3 December 2012 includes prior period expenditure of Rs 38.95 crore.

Shipping Corporation of India (SCI) is present in most segments of shipping, including the container, bulk carrier, tanker and the offshore segment. The Government of India (GoI) holds 63.75% stake in SCI (as per the shareholding pattern as on 31 December 2012).


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