Shipping Corp. of India's share price declined to the lowest level in over one-year on Monday, as the company's disappointing third quarter performance weighed on investors' sentiment. Shipping Corp's profit was hit by a decline in topline growth and higher finance and employee costs.
The company reported that its consolidated net profit fell 43.8% on the year to Rs 75.5 crore from Rs 134 crore. Finance cost and employee benefit expenses rose 60% and 21%, respectively during the period.
Topline declined 1.9% on the year to Rs 1,316 crore during October–December, from Rs 1,341 crore. Ebitda declined 14.3% on the year to Rs 357 crore from Rs 417 crore. Shipping Corp of India's margin fell 390 basis points.
Shipping Corp. Of India Share Price
Shipping Corp. of India's share price fell 7.49% to Rs 177.21, the lowest level since Jan. 20, 2024. They pared loss to trade 5.24% down at Rs 181.52 apiece as of 9:35 a.m., as compared to a 0.51% decline in the NSE Nifty 50.
The stock hit a 52-week high of Rs 384.20 apiece on July 12, 2024. It fell to 52-week low of Rs 177.21 on Feb. 10. The stock declined for three days in a row.
It has declined 14.52% in 12 months. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 36.46.
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