Smooth sailing for "SCI"

Smooth sailing for SCI

Shipping Corporation of India jumped 8% to Rs 212.65 at 15:07 IST on BSE, tracking a sustained rise in the Baltic Dry Index, a benchmark for the cost of shipping various commodities like coal and iron ore.

Meanwhile, BSE Sensex was up 776.37 points or 4.58% to 17,725.51, on strong cues from the global markets. Stocks rose across the globe as a surprise increase in US retail sales in January 2008 helped ease recession worries in the world's largest economy.

On BSE, 34,844 shares were traded in the counter. The scrip had an average daily volume of 1.97 lakh shares in the past one quarter.

The stock hit a high of Rs 213.20 and a low of Rs 203.05 so far during the day. The stock had a 52-week high of Rs 332 on 3 January 2008 and a 52-week low of Rs 151 on 5 March 2007.

The mid-cap scrip had underperformed the market over the past one month till 13 February 2008, declining 35.53% compared to the Sensex’s decline of 16.31%. It had also underperformed the market in the past one quarter, declining 26.14% compared to Sensex’s decline of 14.33%.

The company’s current equity is Rs 282.30 crore. Face value per share is Rs 10.

The current price of Rs 212.65 discounts its Q3 December 2007 annualized EPS of Rs 25.05, by a PE multiple of 8.49.

The Baltic Dry Index rose for a fifth consecutive day today. The index has bounced back after having plunged to a seven-month low on 29 January 2008 on concern global growth will slow.

Shipping Corporation of India (SCI)’s net profit declined 22% to Rs 176.78 crore on 11.5% fall in net sales to Rs 915.27 crore in Q3 December 2007 over Q3 December 2006.

SCI, a state-run shipping company, operates and manages a fleet of line vessels, tankers, bulk carriers, passenger vessels and off shore vessels.