Shares of several shipping companies jumped up to 10 percent on May 29 on high volumes with triggers including order wins and March quarter results. Mazagon led the pack as its robust fourth-quarter results prompted investors to buy.
The company reported a revenue of Rs 3,103.6 crore, compared to the Rs 2,078.6 crore topline it reported during the same period last year. Its net profit for the period more than doubled to Rs 663 crore, compared to Rs 326 crore during the year-ago quarter.
At 3:15 pm, Mazagon Dock shares were trading 10.5 percent higher at Rs 3,352 apiece on the National Stock Exchange. The stock has soared by over 41 percent in the last one month.
Year-to-date, the counter has rallied over 46 percent. Its one-year massive returns of over 332 percent far outpaced Nifty's return of 25 percent during this period.
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Meanwhile, Cochin Shipyard stock was also trading over 5 percent higher as the PSU has bagged an international order from North Star Shipping, a UK-based offshore renewable operator, for constructing a hybrid service operation vessel (SOV).
The contract also has an option to construct two more such vessels. North Star Shipping had earlier in the year contracted another hybrid SOV with the Cochin Shipyard.
Cochin Shipyard is engaged in shipbuilding and repair of ships/offshore rigs etc. The company is the largest public-sector shipyard in India, and derives major revenue from the Navy. Its primary revenue streams include naval vessel construction, Coast Guard projects, commercial shipbuilding, and vessel repair services.
Shares of the company have nearly tripled so far this year, rallying around 194 percent. In the 12 months gone by, the multi-bagger stock has delivered astronomical returns of over 700 percent. In just the last one month, the stock has seen a stellar rally of nearly 50 percent.
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Shares of Great Eastern Shipping Company also traded more than 4 percent higher on May 29. The company, in an investor presentation, informed that orderbook is significantly lower than historical levels and yard capacity has shrunk significantly in the last 15 years.
Earlier this month, the firm delivered its 2004 built Medium Range Product Tanker Jag Pahel to the buyers. In the last one year, the stock has rallied 54 percent.
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