Shipping stocks maintained their strong rise for the second straight day on Friday. Shipping Corporation of India (SCI) led the charge, rising 16.40% to reach a new high of ₹384.20 per share. Positive developments had caused the stock to hit the 20% upper circuit limit on the previous trading day. The stock has gained 40% in the last three sessions and 113% so far this year.
As per Mint, citing sources familiar with the situation, the Union Ministry of Shipping had suggested a joint venture between the state-run Shipping Corporation of India (SCI) and a public sector oil marketing firm to produce huge oil tankers.
The largest refiner and oil marketing firm in the nation, Indian Oil Corporation Ltd. (IOCL), is being evaluated as the ideal partner for this joint initiative with SCI.
As of 10:49 am, Shipping Corporation of India shares were trading 6.62% higher at ₹352.00.
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