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videos | IST

Here’s why Shipping Corporation of India is surging in trade

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Shipping Corporation of India (SCI) jumped 30 percent just last week and was up 50 percent in December till date. Moreover, the stock has risen 167 percent from its 52-week lows and is just about 5 percent away from its all-time highs.

Shipping Corporation of India (SCI) jumped 30 percent just last week and was up 50 percent in December till date. Moreover, the stock has risen 167 percent from its 52-week lows and is just about 5 percent away from its all-time highs.
The key triggers for this rally are mainly an increase in demand for cargo, higher oil prices so the tankers also added to the positive sentiment. Also, the shipping freight rates have increased by around 7 times in the last 6-7 months and another play that keeps this stock excited is that it is a public sector undertaking (PSU) on the verge of privatisation.
However, over and above everything else we are seeing an increased delivery volume. In the month of November, the average daily delivery volume was 7.2 lakh shares and in December that number jumped 5 times to 35 lakh shares and in the last week itself, it was 45 lakh shares which were marked for delivery daily. Therefore, the stock is on the radar.
For more details, watch the video