The state-owned Shipping Corporation of India has been running as the focus after the company has filed for the follow-on public offer (FPO) with the stock market regulator Securities & Exchange Board of India.
According to the plan carved out by the company, the government will be eying to shed close to 10% stake in the company while the company will be issuing 10% fresh equity as well/on the other end, the board of Uflex has recently met with a view to review to status of the rights issue of the company and to discuss other important matters of the company.
Stock market analyst Ashwani Gujral has maintained ‘Buy’ rating on Shipping Corporation of India to achieve an intraday target between Rs 138- Rs 145.
According to Mr. Gujral, interested traders can buy the stock with a strict stop loss of Rs 115.
The shares of the company, on Wednesday (June 24), closed at Rs 123.05 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 22.09 & 5.65 respectively. The share price has seen a 52-week high of Rs 153.60 and a low of Rs 34.88 on BSE.
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