GE Shipping hits 52-week high on strong Q1 earnings, selection of Keki Mistry as director

The Board of Directors of GE Shipping has appointed Keki Mistry as Additional and Independent Director for a tenure of 5 years with effect from August 9, 2023.

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Shares of Great Eastern Shipping Co traded 4 percent up on August 4 to scale a 52-week high of Rs 834 after the company reported its quarterly earnings.

The company’s board has appointed Keki Mistry as additional and independent director for a tenure of 5 years with effect from August 9, which also aided the rally in the stock.

The company’s consolidated net profit increased to Rs 576.27 crore in the quarter ended June from Rs 457.04 crore a year ago.

At 9:57am, shares of the company were trading 2.9 percent higher at Rs 827.5 on the BSE. In the past three years, the scrip has risen 197 percent while in a year, the stock gave a return of 61 percent.

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Its revenue for the quarter, however, declined to Rs 1,283.69 crore from Rs 1,366 crore. Sales of the shipping business witnessed an on-year drop which impacted the overall revenue. EBITDA stood at Rs 842.77 crore in June quarter of 2023, as compared to Rs 722.84 crore in June quarter of 2022.

Great Eastern Shipping is one of India’s largest private sector shipping company which mainly transports liquid, gas and solid bulk products. The company has two segments in their business: Shipping and Offshore.

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