Shares of this small cap company were trading marginally lower after the news came that LIC had sold 2 percent stake in the company.
On 11th October 2023 shares of Shipping Corporation of India Ltd closed at Rs. 146.90, marginally down from the previous closing price of Rs. 147.05 per share.
Such negative sentiment was observed after the company through a regulatory filing on Bombay stock exchange (BSE) disclosed that Life insurance corporation of India (LIC) has sold 95,06,147 shares of shipping corporation of India which is about 2.04 percent of the company.
Earlier LIC was holding 2,80,98,197 shares of Shipping Corporation of India Ltd which was 6.03 percent of the company. After the sale LIC is holding 1,85,92,050 shares which is 3.9 percent of the company.
Looking at the financial statements, company’s revenue decreased by 18 percent to Rs. 1,200 crores in Q1FY24 from Rs. 1,465 crores in Q1FY23, in the same time period net profit increased by 50.31 percent to Rs. 171.61 crores from Rs. 114.17 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 13.52 percent and return on capital employed (ROCE) of 10.6 percent in the last financial year.
Shipping Corporation of India Ltd was established on 2 October 1961 by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation. The company is involved in the business of transporting goods and passengers.
Written by: Vinit Israni
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
