Great Eastern Shipping Company surged 3.37% to Rs 438.50 at 13:00 IST on BSE, after the company said it has contracted to sell two double hull medium range product tankers, Jag Panna and Jag Payal.
The company made this announcement during market hours today, 27 February 2008.
Meanwhile, BSE Sensex was up 228.80 points or 1.28% to 18,034.99, on positive cues from the global markets. Asian stocks surged today after weak US economic data and comments from a Federal Reserve official signaled that US interest rates will continue to head lower. Fed Vice Chairman Donald Kohn said on Tuesday, 26 February 2008, that a weak US economy was a bigger worry than higher inflation risks.
On BSE, 1.04 lakh shares were traded in the counter. The scrip had an average daily volume of 1.15 lakh shares in the past one quarter.
The stock hit a high of Rs 440 and a low of Rs 425 so far during the day. The stock had a 52-week high of Rs 572 on 31 December 2007 and a 52-week low of Rs 185 on 19 March 2007.
The mid-cap scrip had outperformed the market over the past one month till 26 February 2008, gaining 4.42% compared to the Sensex’s decline of 1.91%. It had underperformed the market in the past one quarter, declining 13.06% compared to Sensex’s decline of 5.98%.
The company’s current equity is Rs 152.27 crore. Face value per share is Rs 10.
The current price of Rs 438.50 discounts its Q3 December 2007 annualized EPS of Rs 77.12, by a PE multiple of 5.69.
The company’s current fleet stands at 47 vessels, comprising 34 tankers and 13 dry bulk carriers with an average age of 10.7 years aggregating 3.14 million deadweight tonnage (DWT).
In January 2008, GE Shipping Company signed a contract to sell Jag Akshay, a Panamax dry bulk carrier.
On 18 December 2007, the company signed a contract with SPP Shipbuilding Co, Korea for acquiring two new Kamsarmax dry bulk carriers.
On 6 November 2007, the company’s subsidiary signed a contract for 2 multi purpose platform supply and support vessels.
Great Eastern Shipping Company’s net profit rose 77% to Rs 293.57 crore on 23.3% growth in net sales to Rs 604.29 crore in Q3 December 2007 over Q3 December 2006.
The company has two main businesses, shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its wholly owned subsidiary Greatship (India).
No comments:
Post a Comment