GE Shipping Company Gains Over 4% After Taking Vessel Delivery

The stock had hit a high of Rs 409.35 and a low of Rs 395 so far during the day

Great Eastern Shipping Company surged as much as 4.65% to Rs 409.35 on BSE at intra-day after the company said it has taken delivery of Secondhand Suezmax crude carrier.

Great Eastern Shipping Company announced that the company has taken delivery of Secondhad Suezmax Crude Carrier Jag Lakshya of about 1.57 lakh deadweight tons (dwt). The company had contracted to buy the vessel in December 2016.

With the inclusion of this vessel, the company's current fleet stands at 44 vessels, comprising 29 tankers and 15 dry bulk carriers with an average age of 9.42 years aggregating 3.69 million dwt. Additionally, the company has committed to purchase 1 Secondhand Supramax Dry bulk carrier.

On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 39,282 shares in the past one quarter. The stock had hit a high of Rs 409.35 and a low of Rs 395 so far during the day.

The stock had hit a 52-week high of Rs 412.95 on 20 March 2017 and a 52-week low of Rs 296.60 on 24 June 2016. The stock had outperformed the market over the past one month till 27 March 2017, advancing 6.03% compared with the Sensex's 1.47% rise.

At 2:03 pm the stock was trading 2.7% higher at Rs 401.80 while the Sensex was 0.54% or 157 points up.

Reference - http://www.business-standard.com/article/markets/ge-shipping-company-gains-over-4-after-taking-vessel-delivery-117032800432_1.html