Shipping corporation shares rises up to 6% after central government lists three shipping bills

The Shares of Shipping Corporation of India (SCI) rose up to 6% to hit an intraday high of Rs 218.85 a piece on the BSE. This came into focus after the central government listed three new shipping bills for the winter session of the parliament which is scheduled to begin on Monday. 

The government has listed 18 Bills, including 13 pending ones, in its tentative agenda for the Lok Sabha and Rajya Sabha. Among the new Bills is the Coastal Shipping Bill, aimed at promoting coastal trade and encouraging Indian-flagged vessels owned and operated by Indian citizens, addressing both national security and commercial needs.  

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The Indian Ports Bill seeks to enhance port conservation, security, and pollution control, aligning with international obligations and statutory requirements. Additionally, the proposed Merchant Shipping Bill focuses on ensuring compliance with maritime treaties, fostering Indian shipping development, and maintaining an efficient mercantile marine.

The company’s stock has outperformed the market year to date, rising 29% while slipping 60% in the last year. In comparison, BSE Sensex has risen 7.5% year to date and 17.6% in a year. The company has a total market capitalization of Rs 9,863.29 crores.

Shipping Corporation of India shares are trading at a price-to-earnings multiple of 9.87 times and at an earning per share of Rs 21.49.  At 11:41 AM; the shares of the company were trading 5.62% higher at Rs 218 a piece. By comparison, the BSE Sensex was up 0.70% at 77,693.43 level. 

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