Share price of India’s largest private sector shipping service provider jumped by 13 percent on BSE to hit an intraday high at Rs. 1,123.95 in the trading session of Tuesday, despite FII selling stake worth Rs. 190 crore via a bulk deal.
With a market capitalisation of Rs. 15,434.42 crore, at 12.24 p.m., the shares of Great Eastern Shipping Company Limited were trading in the green at Rs. 1,050.2, up by 5.2 percent.
According to the bulk deal data available with the BSE, fluctuations in the share prices were observed after the Foreign portfolio investor Nalanda India Equity Fund Limited sold 20 lakh equity share worth nearly Rs. 190 crore in GE Shipping Company, at an average price of Rs. 950.25 apiece.
As of March 2024, Nalanda India Equity Fund Limited held about 1.05 crore equity shares or a 7.37 percent stake in the company.
However, Ghisallo Master Fund LP bought around 19.58 lakh equity share in the company at an average price of Rs. 950, amounting to Rs. 186.03 crore.
In terms of financials, the company’s consolidated revenue from operations grew by 20.3 percent from Rs. 1,245.12 crore in Q3 FY23-24 to Rs. 1,497.33 crore in Q4 FY23-24, along with a rise in the net profit of 68.2 percent, from Rs. 538.2 crore to Rs. 905.08 crore, during the same period.
As of March 2024, FIIs hold 27.41 percent of the shares, whereas DIIs hold 16.61 percent of the shares in the company, aggregating to 44.02 percent of the institutional holdings.
The stock has delivered positive returns of about 45.4 percent in the last one year and nearly 32.7 percent in the last six months. So far in 2024, it has given around 8 percent of positive returns.
Great Eastern Shipping Company Limited is the largest private sector shipping service provider in India with a presence in the international maritime industry. The shipping business operates under two main businesses: dry bulk carriers and tankers.
Written by Shivani Singh
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