Shipping stocks surge up to 12% led by multibagger Mazagon Dock

Shares of shipping companies jumped nearly 12% on Wednesday led by Mazagon Dock Shipbuilders which hit the day’s high of Rs 2,225.25 on the NSE. The other top gainers include Garden Reach Shipbuilders & Engineers, Cochin Shipyard, Shipping Corporation of India (SCI), and the Great Eastern Shipping Company which gained between 10% and 3%.

Cochin Shipyard also hit its 52-week high of Rs 1,062 on the NSE, gaining 8% in the intraday trade.

Garden Reach Shipbuilders has remained unbeaten over the past three trading sessions, extending gains to 18%.

The gains in Garden Reach Shipbuilders & Engineers have come on the back of a 33% year-on-year (YoY) jump in its turnover for the financial year ended March 31, 2023. Its annual turnover stood at Rs 3,400 crore, the highest-ever, the company filing said on Sunday.

“The robust financial performance has been achieved by the company through effective management of resources and improved internal efficiencies. The Company had also declared an interim dividend @ 79% of Paid-up Share Capital against 55% of the previous year,” the exchange filing said.

In the shipping pack, Cochin Shipyard and Mazagon Dock have been the real stars. One-year returns by the former stand at a whopping 337%, while the latter has yielded 234% in the same period. Cochin Shipyard’s 2024 returns stand at 54% while Mazagon has lost 4% amid profit booking.Also Read: F&O stock strategy: How to trade Ambuja Cements and M&M?1-year returns by Garden Reach are to the tune of 96% while those of SCI and Great Eastern Shipping Company are at 152.39 and 59%, respectively.

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