GE Shipping gains after buying medium-range product tanker

Shares of Great Eastern Shipping Company (GE Shipping) rose 2.31% to Rs 325.20 at 9:56am on the Bombay Stock Exchange (BSE) after the company said it signed a contract to buy a medium-range product tanker. The announcement was made after market hours on Tuesday.

Meanwhile, the BSE Sensex was up 63.23 points, or 0.23%, to 27.871.37. On the BSE, so far 4.480 shares were traded in the counter, compared with an average volume of 26,799 shares in the past one quarter.

The stock hit a high of Rs 329 and a low of Rs 321.30 so far during the day. The scrip had also underperformed the market in past one quarter, falling 3.21% as against Sensex's 10.59% rise.

On a consolidated basis, GE Shipping's net profit fell 57.5% to Rs 58.20 crore on 0.8% decline in net sales to Rs 869.56 crore in Q4 March 2016 over Q4 March 2015.

 

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