52-week high alert & FIIs increase stake: This multibagger shipping company takes delivery of 2014 built ‘Jag Amaira’ and sells its 2004 built ‘Jag Prabha’ – know more here!

52-week high alert & FIIs increase stake: This multibagger shipping company takes delivery of 2014 built ‘Jag Amaira’ and sells its 2004 built ‘Jag Prabha’ – know more here!

Kiran Shroff
/ Categories: Trending, Mindshare

The stock is up by 35 per cent in 1 year and gave multibagger returns of over 230 per cent in 2 years.

On Monday, shares of Great Eastern Shipping Company Limited surged 4.19 per cent to an intraday high & 52-week high of Rs 936.80 from its previous closing of Rs 899.15. At the closing bell, shares of the company were trading at Rs 922.85 per share, up 2.64 per cent with a spurt in volume by more than 2.31 times on BSE.

The Great Eastern Shipping Company Limited owns and operates cargo ships. The company's fleet of vessels includes bulk carriers, tankers and offshore supply vessels. The company also acts as an agent for several foreign shipping companies. The company has a market cap of over Rs 13,500 crore with a 3-year stock price CAGR of 51 per cent.

The Great Eastern Shipping Company Limited (G E Shipping) took delivery of the "Jag Amaira" a 2014-built Kamsarmax dry bulk carrier with a deadweight tonnage of approximately 80,919, on October 27, 2023. The vessel's purchase was contracted in Q3FY24.

Additionally, the company has contracted to sell its 2004 built Medium Range Product Tanker, Jag Prabha of about 47,999 dwt on December 15, 2023, to an unaffiliated third party. The vessel will be delivered to the new buyer by Q4FY24.

Including Jag Prabha, the company’s current fleet stands at 43 vessels, comprising 29 tankers (6 crude carriers, 19 product tankers, 4 LPG carriers) and 14 dry bulk carriers (2 Capesize, 8 Kamsarmax, 4 Supramax) aggregating 3.41 Mn dwt.

As of September 2023, FIIs have increased their stake to 27.3 per cent compared to 26.18 per cent in June 2023. The company reported positive numbers in its Quarterly Results and annual results. The stock is up by 35 per cent in 1 year and gave multibagger returns of over 230 per cent in 2 years. Investors should keep an eye on this Mid-Cap shipping stock.

Disclaimer: The article is for informational purposes only and not investment advice. 

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