Shipping Corp. Surges To Two-Week High After Q1 Profit Jumps Over 69%
The company's consolidated net profit rose 69.2% on the year to Rs 291 crore in the quarter ended June 2024.
Shares of Shipping Corporation of India surged over 12% to their highest in over two weeks on Monday after its profit jumped in the first quarter.
The company's consolidated net profit rose 69.2% on the year to Rs 291 crore in the quarter ended June 2024, according to an exchange filing. During the period, revenue rose 26.2% to Rs 1,514 crore.
The consolidated operating profit rose 40.6% on the year to Rs 509 crore. The margin rose 340 basis points on the year to 33.6%.
Shares of Shipping Corporation of India rose as much as 12.18% to Rs 288.75, the highest level since Aug. 1. It pared gains to trade 9.07% higher to Rs 280.75 as of 11:02 a.m., compared to 0.07% advance in the NSE Nifty 50 index.
The stock gained 168.28% in last 12 months and 72.19% on year to date basis. Total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 51.67.
