PSU Surge: Shipping Corporation shares are top Nifty 500 gainers after 12% jump post Q2

Shares of Shipping Corporation of India are trading with gains of over 12% on Monday, November 11, and are the top gainers on the Nifty 500 index.

The Disinvestment-bound PSU on Friday (November 8) reported a multi-fold rise in its consolidated net profit to ₹291.44 crore for the second quarter ended September 2024.

The shipping company had reported a net profit of ₹ 65.73 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.

Revenue for the quarter increased by 33% from the same period last year to ₹1,450 crore from ₹1,093 crore.

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Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter, more than doubled on a year-on-year basis, while margins expanded to nearly 37% from 21.5% during the year-ago quarter.

The company's board also approved a dividend of ₹0.50 per equity share(face value ₹10/-each). SCI is the largest Indian shipping company and the only Indian firm engaged in the transportation of LNG.

Shares of Shipping Corporation of India are currently trading 12.5% higher at ₹239. The stock is up 46% so far in 2024.