FII bought 19.58 lakh shares of this company through the bulk deal, stock price jumped 13%
The surge in stock prices came when FIIs bought shares worth Rs 190 crore through a bulk deal. The market capitalization of Great Eastern Shipping Company Ltd is Rs 15,434.42 crore.
Shares of Great Eastern Shipping Company Ltd, India’s largest private sector shipping service provider company, jumped by 13 percent in the market on Tuesday and hit a high of Rs 1123.95. However, the stock closed at the level of Rs 1050, which is an increase of 5 percent from its previous close.
The surge in this stock price came in Tuesday’s trading session when FIIs bought shares worth Rs 190 crore through a bulk deal. The market capitalization of Great Eastern Shipping Company Ltd is Rs 15,434.42 crore.
According to block deal data available with BSE, share prices witnessed volatility after foreign portfolio investor Nalanda India Equity Fund Ltd sold 20 lakh equity shares worth about Rs. Bought shares worth Rs 190 crore in GE Shipping Company at an average price of Rs 950.25 per share.
Nalanda India Equity Fund Limited holds about 1.05 crore equity shares or 7.37 percent stake in the company as of March 2024.
However, Ghisallo Master Fund LP bought about 19.58 lakh equity shares in the company at an average price of Rs 950. This deal is worth Rs 186.03 crore.
If we look at the company’s finances, the company’s consolidated revenue from operations increased by 20.3 percent. It increased from Rs 1,245.12 crore in the third quarter of FY23-24 to Rs 1,497.33 crore in the fourth quarter of FY23-24. Net profit increased by 68.2 percent from Rs 538.2 crore to Rs 905.08 crore during the same period.
As of March 2024, FIIs hold 27.41 percent shares in this company, while DIIs hold 16.61 percent shares in the company, which together is 44.02 percent of the institutional stake.
The stock has given positive returns of about 45.4 percent in the last year and about 32.7 percent in the last six months. So far in 2024, it has given positive returns of about 8 percent.
Great Eastern Shipping Company Limited is the largest private-sector shipping service provider in India with its presence in the international maritime industry. Dry bulk carriers and tanker businesses operate in the shipping business.
