Shipping Corporation Shares Surge After Price Band Revision

Shares of Shipping Corporation of India Ltd. surged the most in over seven weeks as its price band was upwardly revised amid reports that the government has revived its divestment plan.

The National Stock Exchange revised the price band for the company from 5% to 20%.

Shares of the company rose 6.53% to Rs 96.25 apiece as of 9:46 a.m., compared to a 0.14% decline in the benchmark NSE Nifty 50. The stock gained as much as 9.80% intraday, the most in over seven weeks since Feb. 23.

The total traded volume so far in the day stood at 8.2 times its 30-day average. The relative strength index was at 55.2.

One analyst tracking the company recommends a 'hold' on the stock, according to Bloomberg data.

Source: Bloomberg, Exchange