Shipping Corporation of India sets sail on bonus issue

Shipping Corporation of India rose 2.75% to Rs 290 at 14:14 IST on BSE, after its board recommended issue one bonus share for every two shares held.

On BSE, 10.65 lakh shares were traded in the counter. The scrip had an average daily volume of 91,518 shares in the past one quarter.

The stock hit a high of Rs 300.90 and a low of Rs 283 so far during the day. The stock had a 52-week high of Rs 332 on 3 January 2008 and a 52-week low of Rs 154 on 22 January 2008.

The scrip had outperformed the market over the past one month till 16 May 2008, gaining 28% compared to the Sensex's 5.79% gain. It had also outperformed the market in the past one quarter, rising 30.94% compared to Sensex's 3.76% fall.

The mid-cap state-run shipping firm has an equity capital of Rs 282.30 crore. Face value per share is Rs 10.

The current price of Rs 290 discounts its Q4 March 2008 annualised EPS of Rs 25.05, by a PE multiple of 11.57.

The net profit of Shipping Corporation of India fell 22% to Rs 176.78 crore on 11.5% rise in sales to Rs 915.27 crore in Q4 March 2008 over Q4 March 2007.

Shipping Corporation of India (SCI), a state-run shipping company, operates and manages a fleet of line vessels, tankers, bulk carriers, passenger vessels and off shore vessels.