SCI shares gain 7% on robust Q2 net profit

Shares of Shipping Corporation of India (SCI) surged 12 per cent on Monday on the BSE after the state-owned company reported a 35% year-on-year increase in consolidated net profit, reaching ₹291 crore for the quarter ending September 2024, up from ₹65.73 crore in the same period last year.

Revenue rose to ₹ 1,491.23 crore, compared to ₹ 1,161.89 crore in the previous year. However, total expenses increased to ₹ 1,195 crore compared to ₹ 1,113 crore in the previous fiscal.

In its filing, SCI also announced that shareholders have approved a dividend of ₹ 0.50 per equity share.

On Monday, shares closed at ₹227.35 up 7.045 per cent on BSE. During the session, the stock reached a high of ₹242.55 and a low of ₹ 222.05.