Shipping Corporation slumps 7% post disappointing Q2 earnings

Shares of Shipping Corporation of India slumped over 7% in early trade on Thursday after the company posted standalone net loss of Rs 20 crore for the quarter ended September 2016.

The company's stock fell as much as 7.21% to Rs 58.50 on the BSE but was still trading 8% higher to its 52-week low of Rs 54.50 hit on February 29, 2016.  

The state-owned company had posted standalone net profit of Rs 162 crore in the July-September quarter of the fiscal year 2015-16.

The company’s total income from operations during the quarter under review also declined to Rs 758.7 crore, as against Rs 1,091 crore in the year-ago period. 

The PSU has substantial interests in various segments of the shipping trade. SCI's owned fleet includes bulk carriers, crude oil tankers, product tankers, container vessels, passenger-cum-cargo vessels, phosphoric acid/chemical carriers, LPG/ammonia carriers and offshore supply vessels.

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