What made Shipping Corporation shares land in troubled waters

Shipping Corporation Share Price: Shares of Shipping Corporation of India sunk on BSE on Monday (November 6, 2023) after the public sector undertaking reported week September quarter numbers in post market hours on Friday.

The stock was trading down by 3.85 per cent, or Rs 5.35, at Rs 133.65, on BSE at 1:03 pm on Monday.

The stock closed the trading session on Friday at Rs 139.00 but opened at as low as Rs 130.40 on Monday morning before touching the day's high of Rs 134.05 and the low of Rs 130.25. 

Shipping Corporation Q2 Results

The shipping company has reported a 42.5 per cent decline in its profit to Rs 65.7 crore Year-on-Year (YoY) for the September quarter due to lower topline.

The company's revenue from operations were down by 23 per cent to Rs 1,093.2 crore from the same quarter last fiscal.

The total income for Q2 stood at Rs 1,661.89 crore YoY, up from Rs 1,458 crore.

Total expenses for the September quarter decreased to Rs 1,113.49 crore from Rs 1,330.80 crore in Q2FY23.

Shipping Corporation of India stock performance

The shares of the company have been faring poorly on bourses for the last month when they sank by 9.33 per cent.

The shares have had a roller-coaster ride this year with soaring 38.76 per cent in the six-month period and slipping 6.73 per cent year-to-date. 

The benchmark Nifty 50, meanwhile, has been down by 1.51 per cent in the one month, up by 5.98 per cent in the six-month period and 6.37 per cent YTD, respectively.