Mixed winds

INVESTING INSIGHT

The stocks of shipping companies had mixed luck in the last three months on the Bombay Stock Exchange (BSE).

The shipping stocks lost some ground towards the end of May and in June in line with the overall markets, due to profit taking at higher levels.

It however recovered once again towards July, post-budget, largely owing to the introduction of tonnage tax. Most of the major stocks ended higher after three months, and are continuing to rise.

The share price of Essar Shipping rose from Rs 19.25 on May 3, to today's close of Rs 19.55, up 1.55 per cent on the BSE. During the same period the stock price of G E Shipping gained from Rs 122.85 to Rs 144.10, up 17.29 per cent and those of Mercator Lines increased from Rs 268.10 to Rs 315.39, up 17.63 per cent.

Shreyas Shipping rose from Rs 15.05 to Rs 15.95, up 5.98 per cent, however, SKC Shipping dropped from Rs 37.70 to Rs 17.35, down 53.97 per cent and Scindia Steam Navigation depreciated as well from Rs 4.09 to Rs 4.00, a minor drop of 2.20 per cent.

The share price of Varun Shipping rose modestly from Rs 23.90 to 26.00, up 8.78 per cent, and South East Asia Marine Engineering rose from Rs 30.15 to Rs 39.25, a rise of 30.18 per cent. India Steamship closed from Rs 8.50 to Rs 9.31, up 9.52 per cent.

Among the losers were Shipping Corporation which closed at Rs 112.35 from Rs 114.85 down by 2.17 per cent and Chowgule Steam dropped from Rs 12.98 to Rs 11.69 down 9.93 per cent. Garware Shipping Corporation too decreased from Rs 25.95 to Rs 23.35 down 10.01 per cent.