DIIs Purchased 11,16,945 Shares: Shipping Company Contracts to Sell Its 2005-Built Medium Range Product Tanker "Jag Pranav"
The company’s shares have delivered an impressive return of over 75 per cent in the past 1 year.
Founded in 1948 with the purchase of a Liberty ship, Great Eastern Shipping Company Ltd (GE Shipping) has grown into India's largest private sector shipping company by FY24. As of FY24, GE Shipping and its subsidiaries operate 43 ships and 23 offshore assets, cementing its position as a major player in the Indian shipping and oil drilling services industry.
Recently, GE Shipping contracted to sell its 2005-built Medium Range Product Tanker, Jag Pranav, a vessel of approximately 51,383 dwt, to an unaffiliated third party on July 23, 2024. The delivery to the new buyer is scheduled for Q2/Q3 FY25. Including Jag Pranav, the company’s current fleet comprises 43 vessels: 29 tankers (6 crude carriers, 19 product tankers, and 4 LPG carriers) and 14 dry bulk carriers (2 Capesize, 8 Kamsarmax, and 4 Supramax), aggregating to a total of 3.41 million dwt.
In addition to this sale, GE Shipping had previously contracted to sell another MR product tanker in May 2024 and purchase one in June 2024, with both transactions set for delivery in Q2 FY25. These strategic moves reflect GE Shipping's dynamic approach to fleet management and its commitment to maintaining a robust and versatile fleet.
Great Eastern Shipping Company Ltd shares are trading at around Rs 1364.45 per share. The company’s current market capitalization stands at Rs 20,052.84 crore. The stock has delivered a return of over 75 per cent in the past 1 year.
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As per the Quarterly Results, in the fourth quarter of FY24, Great Eastern Shipping Company Ltd recorded a revenue of Rs 1497 crore. The operating profit for Q4 FY24 stood at Rs 937 crore. The net profit for Q4 FY24 was Rs 905 crore. Looking at the annual performance, the company generated a revenue of Rs 5255 crore in FY24, compared to Rs 5690 crore in FY23. The operating profit for FY24 was Rs 3022 crore with a net profit of Rs 2614 crore.
According to the shareholding pattern, promoters own 30.08 per cent, and 28.05 per cent is owned by public investors. FIIs and DIIs own 24.51 per cent and 17.36 per cent stake in the company.
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Disclaimer: The article is for informational purposes only and not investment advice.