Shipping Corp. Denies Oil Firm JV Report, Shares Continue Rally To Record
The stock was also supported by reports that the government may announce the establishment of a maritime development fund during the budget to support the shipping sector.
Shares of Shipping Corporation of India Ltd. continue to hit fresh record high for the second straight session on Friday, even after the company clarified that media reports about it entering into a joint venture with a state-run oil marketing company for manufacturing very large oil tankers were rumours.
The stock was also supported by reports that the government may announce the establishment of a maritime development fund during the budget to support the shipping sector. Following these reports, shares of the company remained locked in the 20% upper circuit on Thursday.
SCI clarified that it follows a consistent corporate governance policy to intimate to the exchanges of all price-sensitive information that has a bearing on the operations and performance of the company.
Shares of Shipping Corporation of India rose as much as 16.37% during the day to Rs 384.20 apiece on the NSE. It was trading 7.62% higher at Rs 355.30 apiece, compared to a 0.24% advance in the benchmark NSE Nifty 50 as of 10:33 a.m.
The stock has risen 249.70% in the last 12 months and 118.05% on a year-to-date basis. The relative strength index was at 81.41 indicating that the stock may be overbought.
