2 hrs ago
Shipping Corporation of India Shares Rise Amid Expansion Plans
Shares of Shipping Corporation of India went up during Monday’s trading.
The article says the company wants to earn ₹2,000 crore in profit after tax this fiscal year.
It also plans to grow its fleet by adding vessels.
The minister said the company is working with petroleum-sector firms on joint ventures to help buy more ships.
The government has also introduced a scheme to support container manufacturing in India.
The stock has risen over the past year and over the past five years.
Analysts say certain price levels could act as support or resistance.
They say a move above resistance could support further gains, while a fall below support could weaken the positive outlook.
Shipping Corporation of India shares rose more than 4% in Monday trading, opening at ₹272 and reaching an intraday high of ₹287.50.
Union Minister Sarbananda Sonowal said the company is targeting profit after tax of ₹2,000 crore in the current fiscal year.
The company plans to add 30 vessels and 51 container vessels to its fleet; Sonowal also described plans to procure more than 34 vessels through joint ventures.
The article reports standalone FY26 profit after tax of ₹1,352.92 crore and operating revenue of ₹5,778.1 crore.
The stock gained 21.15% year to date and 116.76% over five years; analysts cited support near ₹255–260 and resistance around ₹276–282.
- Who
- Shipping Corporation of India and Union Minister Sarbananda Sonowal.
- What
- The company’s shares rose more than 4% as the minister discussed profit targets and fleet expansion.
- Where
- On the National Stock Exchange of India.
- When
- Monday's trading session; the article does not specify the calendar date.
- Why
- The article links the rise to positive market sentiment and attention to the company's profit target and expansion plans.
Cautiously positive technical outlook
Conditions and downside risks
Potential for further gains
Cautiously positive technical outlook
Gaurav Garg said the stock showed early signs of a possible trend reversal, with a move above ₹276–280 potentially opening the way toward ₹300. Mahesh Ojha said a sustained break above ₹282 could point toward ₹294 and ₹305-plus.
Conditions and downside risks
Both analysts emphasized that a sustained breakout is needed before treating the upside as confirmed; Garg cautioned against chasing the initial breakout.
Downside levels
Cautiously positive technical outlook
Garg cited buying interest around ₹263–265, while Ojha identified ₹260–255 as an important support zone.
Conditions and downside risks
Garg said a close below ₹260 would weaken and invalidate the current bullish setup; Ojha also cited ₹250 as a further downside level.
Key facts
- Monday opening price
- ₹272 per share, compared with a previous close of ₹267.
- Intraday high
- ₹287.50; the article associates this high with 5 October.
- Profit target
- ₹2,000 crore profit after tax for the current fiscal year, according to Sonowal.
- Fleet plans
- Plans include adding 30 vessels and 51 container vessels; Sonowal also said more than 34 vessels would be procured through joint ventures.
- FY26 figures reported
- Standalone profit after tax of ₹1,352.92 crore and operating revenue of ₹5,778.1 crore.
- Share performance
- Up 21.15% year to date, 21.60% over one year, 85.15% over three years and 116.76% over five years.
- Technical levels cited
- Analysts identified support around ₹255–260 and resistance zones around ₹276–282.
- Container scheme
- The ₹10,000-crore Container Manufacturing Assistance Scheme was announced in the FY27 Budget.
Quotes
Sarbananda Sonowal
Union minister discussing Shipping Corporation of India’s profit outlook.
“On the higher side, ₹282 is the immediate resistance, and a sustained breakout above this level could open the way towards ₹294 and ₹305-plus. Traders can monitor the stock for a breakout above the resistance zone while keeping a close watch on the key support levels,””
livemint.com
“Last year the profit margin after tax was ₹1,326 crore. This year, in the first quarter, they have already exceeded ₹600 crore in PAT. That way in this particular financial year it is going to post more than ₹2,000 crore in PAT.”
livemint.com
Gaurav Garg
Head of research at Lemonn.
“Overall, the stock’s technical structure has improved, with the bias turning cautiously positive. The focus should remain on confirmation above ₹280 rather than chasing the initial breakout,”
livemint.com
Sources
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