Shipping company, Mercator Lines touched an all-time high of Rs 897.45 on the BSE on Tuesday in the intra-day. The stock was up more than 6 per cent before closing at Rs 888.90, compared with its previous close of Rs 815.90. |
Market analysts said that strong quarterly number and rumours of a stock split is generating huge amount of interest at the counter. |
In fact, buoyant shipping rates has driven most shipping scrips upward. In the last one quarter the combined market cap of 11 shipping companies has jumped 46 per cent. |
Freight rates are ruling firm on account of a surge in demand for oil from China. Most companies reported robust results in the last three quarters. |
GE Shipping's net profit jumped 109 per cent to Rs 167.18 crore, SCI reported a massive 162 per cent growth in net profit to Rs 210.13 crore and Mercator's net profit jumped 276 per cent in second quarter ended September 2004 to Rs 31.63 crore. |