Shipping Corporation shares jump 8% on strong Q4 earnings

Shipping Corporation of India (SCI) shares surged over 8% on NSE after posting strong Q4FY23 results. The company’s net profit rose by 156% YoY to INR 379.91 crore, while revenue rose nearly 7% to INR 1,452.42 crore for the quarter ended March 31, 2023. SCI also announced a dividend of Re 0.44 per share to the exchanges. Despite being an underperformer for the past year, the stock has rebounded from its 52-week low level of INR 79.20 on April 10, 2023, to trade at INR 100.15 on Wednesday.