Meanwhile, the BSE Sensex was up 139.97 points, or 0.97%, to 14,633.81.
On BSE, 11.16 lakh shares were traded in the counter as against an average daily volume of 5.21 lakh shares in the past one quarter.
The stock hit a high of Rs 135.55 and a low of Rs 124.25 so far during the day. The stock had hit a 52-week high of Rs 163.53 on 8 August 2008 and a 52-week low of Rs 67 on 8 December 2008.
The stock had underperformed the market over the past one month till 30 June 2009, falling 8.78% as compared to the Sensex's 0.90% decline. It had, however, outperformed the market in the past one quarter, rising 62.77% as against the Sensex rise of 51.48%.
The mid-cap state-run shipping company has an equity capital of Rs 423.45 crore. Face value per share is Rs 10.
The current price of Rs 132.35 discounts the company's year ended March 2009 EPS of Rs 22.21, by a PE multiple of 5.95.
A thumping victory for the Congress-led UPA government in general elections has raised expectations that the government may adopt fast track disinvestment programme. In fact, the government has already made its intension clear that it intends to sale stake in state-run firms. However, the government has ruled out privatisation of state-run firms and will continue to hold at least 51% stake.
The Government of India holds 80.12% stake in Shipping Corporation of India (as on 31 March 2009).
It may be recalled that the BJP-led National Democratic Alliance (NDA) had vigorously pursued PSU divestment. However, it was put into deep freeze over the last five years by the Congress-led United Progressive Alliance (UPA) government as the Left parties which supported the UPA government from outside, were bitterly opposed to the idea.
Meanwhile, the Union Minister of Shipping, G K Vasan released the 100-day agenda for his ministry today, 1 July 2009. According to the agenda, acquisition of ships by Shipping Corporation of India (SCI) would be given priority and necessary contracts would be signed with Cochin Shipyard.
Last month, SCI had signed a contract with Cochin Shipyard for acquisition of two 120 tonnes bollard pull anchor handling, towing and supply vessels (AHTSVs).
Shipping Corporation of India's net profit fell 19.3% to Rs 200.76 crore on a 23.6% decline in sales to Rs 806.95 crore in Q4 March 2009 over Q4 March 2008.
Shipping Corporation of India (SCI) owns, operates and manages a fleet of bulk carriers, international container service, liquid/dry bulk service, tankers, passenger vessels and offshore supply vessels. The company's fleet transports primarily crude oil.