This shipping company stock is trending on September 27

Shares of Great Eastern Shipping Company surged 7% on the day. 

On September 27, the market is trading in green. At 12:36 pm, the S&P BSE Sensex is trading at 57311.36, up 0.29% on the day, while NIFTY50 is up 0.19% and trading at 17048. About sectoral performance, FMCG is the top gainer, while Auto and Metal are among the top losers for the day. Regarding the stock-specific action, Great Eastern Shipping Company is among the top gainers in BSE group ‘A’. 

Shares of Great Eastern Shipping Company have surged 7% and are trading at Rs 524.3. The stock opened at Rs 496.5 and made an intraday high and low of Rs 527.7 and Rs 489.05, respectively. 

Great Eastern Shipping Company Ltd is involved in two business segments- Shipping and Offshoring. The shipping industry transports crude oil, petroleum products, gas, and dry bulk commodities. In the offshoring business, the company provides oil companies with offshore exploration and production services through its subsidiary Greatship (India) Limited. 

The company is India’s largest private shipping company. It has a total of 44 vessels, 30 tankers, and 14 dry bulk carriers. The management believes that the worst of the offshore market has passed, and a long period of energy underinvestment appears to have caught up with the oil market, increasing demand for rigs and vessels. 

For FY22, the company reported revenue of Rs 3509 crore and a net profit of Rs 630 crore. As per FY22, the company has ROE, ROCE, and a dividend yield of 7.5%, 7.46%, and 1.89%, respectively. The 10-year sales CAGR remain poor at 2%. 

About the shareholding pattern, 30.07% of the stake is owned by the promoters, 22.06% by DIIs, 20.64% by DIIs, 27.22 by the non-institutional investors, and the rest 0.01% by the government. 

The company has a market capitalization of Rs 7705 crore. The stock has a 52-week high and low of Rs 585 and Rs 265.05, respectively. Over the last year, the stock has appreciated by about 39%.