Smallcap defence PSU stock surges 6% on shipping sector bills- Check more

Shares of Shipping Corporation of India Ltd (SCI) saw a 6% surge on November 22, following reports that the Indian government is set to introduce three significant shipping sector bills during the upcoming Winter Session of Parliament, starting November 25. 

At 12:00 pm on November 22, SCI's shares were trading 6.35% higher at Rs 219.38 per share on the BSE, up from Rs 217.79 at the previous close. The stock’s market capitalization now stands at Rs 10,100 crore, with a 52-week high of Rs 384.2 and a low of Rs 131.7.

The government has listed 15 bills for the session, including the Merchant Shipping Bill, Coastal Shipping Bill, and Indian Ports Bill. These bills aim to modernize the shipping industry and boost maritime trade in India.

The Merchant Shipping Bill is a new draft law intended to ensure compliance with India’s obligations under international maritime treaties. Meanwhile, the Coastal Shipping Bill, 2024 proposes to eliminate the need for Indian-flagged vessels to obtain a general trading license to operate in coastal waters once it receives parliamentary approval.

The upcoming reforms are expected to have a positive impact on the shipping sector, driving investor optimism and reflecting in the market performance of companies like SCI.