Shipping Corporation of India Shares Surge Over 5% After Govt. Announces New Shipping Bills

Shipping Corporation of India (SCI) share price surged by over 5%, reaching an intraday high of ₹219.90 on the Bombay Stock Exchange (BSE). This increase in stock price comes after the central government announced the listing of 3 new shipping-related bills for the upcoming winter session of Parliament, which starts on Monday.

Government’s New Bills to Boost the Shipping Industry

The government has included 18 bills in its tentative Lok Sabha and Rajya Sabha agenda. Among these, the Coastal Shipping Bill promotes coastal trade and encourages Indian-owned, Indian-flagged vessels. The Indian Ports Bill focuses on improving port conservation, security, and pollution control to meet international standards. The Merchant Shipping Bill aims to ensure compliance with maritime treaties, support Indian shipping growth, and maintain an efficient mercantile marine.

About Shipping Corporation of India (SCI)

SCI is one of the largest shipping companies in India by tonnage, with a diverse fleet that includes bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, LPG carriers, and offshore supply vessels. The company operates in 3 key areas: liner and passenger services, bulk carriers and tankers, and technical and offshore services. It also manages vessels for government departments and other organisations.

Stock Performance and Market Overview

So far in 2024, SCI’s stock has risen by 29%, significantly outperforming the market. However, it has dropped 60% in the past year. In comparison, the BSE Sensex has increased by 7.5% year-to-date and 17.6% over the past year.

As of 01:08 PM, SCI share price was up by 5.39% at ₹ 217.4, reflecting a gain of ₹11.12 or 5.39% for the day. The stock opened at ₹207.50 and touched an intraday high of ₹219.90 and a low of ₹205.42. Over the past 52 weeks, the stock has ranged between a high of ₹384.20 and a low of ₹131.70. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.