 "Shipping stocks in focus; Shipping Corporation of India up 3%")
Shares of shipping companies are trading higher after the union cabinet chaired by Prime Minister Narendra Modi on Wednesday gave nod to the proposal for introducing steps to encourage shipbuilding and ship repair industry in India under the ‘Make in India’ initiative.
Among individual stocks, ABG Shipyard has gained nearly 3% at Rs 65, Shipping Corporation of India has jumped over 3% to Rs.86 and Great Eastern Shipping is trading with marginal gains and is quoting at Rs 358 on the BSE.
The main objective of the measures is to counter the cost disadvantage involved in ship building. The measures includes grant of financial assistance of 20% of the contract price or the fair price, whichever is lower will be given after the delivery of the ship.