Shipping Corporation of India rose 1.67% to Rs 237.95 at 13:46 IST on BSE on reports the company has decided to invest over Rs 1200 crore in its offshore activities by the end of the year.
Meanwhile, the BSE Sensex was down 242.01 points, or 1.6%, to 14,851.86.
On BSE, 1.39 lakh shares were traded in the counter. The scrip had an average daily volume of 1.45 lakh shares in the past one quarter.
The stock hit a high of Rs 239.45 and a low of Rs 232.15 so far during the day. The stock had hit a 52-week high of Rs 332 on 3 January 2008 and a 52-week low of Rs 154 on 22 January 2008.
The mid-cap company had underperformed the market over the past one month till 13 August 2008, rising 9.34% compared to the Sensex’s return of 12.05%. It had however outperformed the market in the past one quarter, declining 3.9% compared to Sensex’s decline of 9.91%.
The company has an equity capital of Rs 282.30 crore. Face value per share is Rs 10.
The current price of Rs 237.95 discounts its Q1 June 2008 annualised EPS of Rs 39.62, by a PE multiple of 6.
Shipping Corporation of India (SCI) plans to launch two to three new projects in offshore service areas, including buying six to eight anchor handling towing-cum-supply vessels of various sizes that these days command a charter rate of about $11,900. The vessels are used to install and maintain oil platforms.
On 26 July 2008, company’s board had recommended 1 bonus equity share, for every 2 equity shares held by the shareholders. Recently SCI was conferred Navratna status by the government.
The Government of India holds 80.12% stake in the firm.
SCI, a state-run shipping company, operates and manages a fleet of line vessels, tankers, and bulk carriers, passenger vessels and off shore vessels.