President of India's Stock with Highest FII Holding Hits Upper Circuit: Rs1,633 Crore Single-Day Gain, Highest in Over Three Years
This translated to an impressive unrealized profit of Rs 1,633.19 crore, the highest single-day gain from this stock in over three years for the President of India’s portfolio.
The NSE benchmark Nifty opened higher and reached an intraday high of 24,402.65 in the morning. However, it quickly lost its gains and slipped lower. In the second half of the trading session, a recovery occurred due to the weekly expiry, and ultimately, the Nifty settled with a minor loss of 8.50 points at 24,315.95.
Amidst the high volatility, one stock that stood out to market participants was Shipping Corporation of India Ltd (SCI). SCI, a Government of India enterprise, has been conferred the "Navratna" status by the Government of India. It has grown into the largest Indian shipping company, with substantial interests across various segments of the shipping trade. SCI’s owned fleet includes bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, LPG carriers, and offshore supply vessels. With six decades of experience, SCI now holds a significant presence on the global maritime map.
On Thursday, SCI's share price hit the upper circuit limit of 20 per cent at Rs 330.15, which was also its 52-week high. The stock opened at Rs 281, marking the lowest point of the day, and closed at its highest point of the day. This was the sharpest single-day move the stock had experienced in over three years. Additionally, SCI recorded the highest single-day trading volume in its history on Thursday.
According to the shareholding pattern for the quarter ended March 2024, the President of India holds a 63.75 per cent stake in the company, equivalent to 296,942,977 shares. With the stock gaining Rs 55 per share on Thursday, this translated to an impressive unrealized profit of Rs 1,633.19 crore, the highest single-day gain from this stock in over three years for the President of India’s portfolio.
Furthermore, shareholding data indicates that Foreign Institutional Investors (FIIs) have increased their stake in SCI from 0.9 per cent in June 2021 to 4.7 per cent in March 2024, the highest ever for the company.
Disclaimer: The article is for informational purposes only and not investment advice.
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