05-08-2017

GE Shipping inks pact to buy L2R product carrier

GESC

The Great Eastern Shipping Company (GE Shipping) has signed a contract to buy a second-hand L2R product carrier of about 105,000 dwt, said the company said in a filing on Thursday.

The company said that the 2009 built vessel is expected to join the company’s fleet in Q2/Q3 FY18.

The stock was trading at Rs 387.30, down by Rs 2.10 or 0.54% as at 1232 hours on Thursday. The stock hit its intraday high and low of Rs 389.55 and 383.45, respectively. The stock attracted a traded volume of 21,391 shares and traded value of Rs 82.53 lakh on the NSE.

The Great Eastern Shipping Company is engaged in the business of providing shipping services. The company’s segments include shipping and offshore. The shipping business is involved in the transportation of crude oil, petroleum products, gas and dry bulk commodities.

Stock view:

Great Eastern Shipping Company Ltd is currently trading at Rs 387, down by Rs 2.4 or 0.62% from its previous closing of Rs 389.4 on the BSE.

The scrip opened at Rs 386.35 and has touched a high and low of Rs 389.55 and Rs 383.45 respectively. So far 26333(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 5871.26 crore.

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 477 on 21-Apr-2017 and a 52 week low of Rs 336.9 on 16-Aug-2016. Last one week high and low of the scrip stood at Rs 400 and Rs 386.45 respectively.

The promoters holding in the company stood at 30.2 % while Institutions and Non-Institutions held 42.33 % and 27.31 % respectively.

Source: IIFL

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