Stocks of shipping companies advanced on Tuesday, adding nearly Rs 10,000 crore to investors' wealth, led by a rally in Mazagon Dock Shipbuilders Ltd.
The market capitalisation of these companies rose Rs 9647 crore to Rs 2.58 lakh crore as of 12:20 p.m.
Mazagon Dock Shipbuilder is hoping to mop up massive order inflows that will hit the industry in the near future, Sanjeev Singhal, chairman and managing director of the Mumbai-based shipbuilder, told NDTV Profit in August.
The shipbuilding sector is in wait mode for expected orders worth Rs 2 lakh crore to come in over the next two years, Singhal said.
In late August, most shipping company shares experienced a decline in panic selling as investors assumed the stock's rally might have peaked.
Shares of Mazagon Dock Shipbuilders jumped 8.60% to Rs 4,561.15 each on Tuesday. The stock is the top performing compared to the other stocks in the space. It was trading 6.96% higher at Rs 4,492.00 as of 12:27 p.m.
Garden Reach Shipbuilders & Engineers Ltd. rose as much as 7.84% to Rs 1,974.80 to become the second leading stock in the shipping companies. The stock has been rising since Friday. It was trading 5.29% higher at Rs 1,928.15 as of 12:29 p.m.
Dredging Corp of India and Great Eastern Shipping Corp. were two companies with the least gain on the bourses compared to peers. The former was trading 1.01% higher, while Great Eastern Shipping Corp. was 0.33% lower as of 12:33 p.m.
Mazagon Dock On Rs 4,000 Crore Order Book | Watch
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