Dividend payout hopes lift SCI

DALAL STREET SPIKES

The Shipping Corporation of India (SCI) stock was in the limelight on Tuesday in anticipation of a hefty dividend payout and strong buying support.

The stock gained 3.24 per cent to close at Rs 167.10 on the back of a volume of more than 7.2 lakh shares on the BSE.

Market sources said Tuesday's gains at the counter was on the back of rumours that the company might payout a hefty dividend. The counter in the last three trading sessions has risen by five per cent. A buying bout in shipping sector stocks has been witnessed of late in anticipation of strong results and firming up of freight rates.

In Tuesday's trading GE Shipping was up 1.95 per cent to Rs 175.30. Mercator Lines gained nearly 1 per cent to Rs 598.35, while others like Garware Shipping was up over 5 per cent to Rs 28.05, Essar Shipping up 4 per cent to Rs 26, and South East Asia Marine up 0.84 per cent to Rs 71.40.