According to a Reuters report, the Baltic exchange’s main sea freight index rose on Tuesday, led by the highest capesize vessel rates in nearly 11 years. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, added 104 points, or 3.4 per cent, to a near 11-year peak of 3,157.
In the past one week, GE Shipping's market price has soared 29 per cent after the company said its board will meet on Friday, May 5, 2021 to consider issue of non-convertible debentures upto an amount not exceeding Rs 1,000 crore by way of private placement during the period of one year. The board will also to consider and approve audited financial results for the year ended March 31, 2021 and recommendation of final dividend, if any, the company said.
In the past two weeks, the stock has rallied 36 per cent after HDFC Mutual Fund bought an additional over 2 per cent stake in GE Shipping
via open market. On April 22, HDFC Mutual Fund informed that there has been an increase in the shareholding of the Company by the Schemes of HDFC Mutual Fund by 2.10 per cent. Post acquisition, HDFC Mutual Fund holding in GE Shipping
increased to 7.23 per cent from 5.13 per cent earlier.
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