Shipping stocks trade higher after govt amends licensing norms

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Shipping stocks including GE Shipping, Essar Shipping and Reliance Naval rose over 2 percent each after the government amended licensing norms to boost local shipbuilding.

Government has amended some licensing norms to boost local shipbuilding, reported CNBC-TV18.

Also, the government amended right of first refusal condition for ship charter.

The local shipbuilding companies will benefit from changes in licensing norms.

At 14:42 hrs Great Eastern Shipping Company was quoting at Rs 224, up Rs 4.90, or 2.24 percent and Essar Shipping was quoting at Rs 7.50, up Rs 0.15, or 2.04 percent on the BSE.

At 14:48 hrs Reliance Naval and Engineering was quoting at Rs 1.90, up Rs 0.05, or 2.70 percent on the BSE.