Published on 20/03/2017 11:54:24 AM | Source: Dion Global Solutions Ltd.

Great Eastern Shipping hits 52-week high on heavy volumes

Posted in Stock On The Move | #Stock On The Move #Shipping and Logistics Sector #Great Eastern Shipping Company Ltd

Shares of Great Eastern Shipping surged over 5 per cent to its 52-week high on the Bombay Stock Exchange on back of heavy volumes, in otherwise weak market. The trading volumes on the counter jumped multiple folds with a combined 1.11 million shares changed hands on BSE and NSE till 10:24 am; as compared to sub 100,000 shares that were traded daily in past two weeks. GE Shipping on Friday, March 17, announced that the company has signed a contract to buy a Supramax Dry Bulk Carrier of about 52,450 dwt.

The 2006 built vessel is expected to join the Company's fleet in Q1 FY18, it added. Boosted by the development, shares of company gained as much as 5.54 per cent at Rs 407.35 apiece on the Bombay Stock Exchange. In a similar fashion, stocks of company rose 4.82 per cent to Rs 407 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 29,508.30, down 140.69 points, or 0.48 per cent at 11:22 hours.