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Shares of Shipping Corporation of India fell nearly 5 per cent today after the PSU reported a 72.6 per cent decline in June quarter net profit at Rs 55.9 crore.
The stock slumped 4.92 per cent to end the day at Rs 70.60 on the BSE. It tumbled 9.15 per cent during the day.
On the NSE, it came down 4.57 per cent to settle at Rs 70.90.
On the volume front, 4.74 lakh shares changed hands on the BSE and over 22 lakh on the NSE.
The PSU had posted a net profit of Rs 203.8 crore in the quarter ended June 2015.
Total income fell to Rs 875.9 crore during the quarter from Rs 1,118.22 crore in the year-ago period, the company had said in a BSE filing yesterday.
Shipping Corporation of India was established on October 2, 1961, through amalgamation of Eastern Shipping Corporation and Western Shipping Corporation.
SBI stocks spurt
Shares of State Bank of India today surged over four per cent at the closing trade as its board has cleared the merger of five associate banks and Bharatiya Mahila Bank with itself.
The SBI board had on August 18 approved the scheme of merger of five associate lenders and Bharatiya Mahila Bank with itself while protecting the interest of the existing staff.
The SBI stock ended the session higher by 4.15 per cent at Rs 258.50 on the BSE. It touched an intraday high of Rs 260 and low of Rs 254.
State Bank of Bikaner & Jaipur ended up by 1.47 per cent at Rs 683.20, while State Bank of Travancore closed the session higher by 6.17 per cent at Rs 537.05.
However, State Bank of Mysore closed the session lower by 12.09 per cent at Rs 546.55.
“The central board of directors of SBI has accorded its approval to the scheme of acquisition of the State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT) and Bharatiya Mahila Bank Limited (BMBL) by the State Bank of India,” SBI had said in a regulatory filing to stock exchanges.
Later, in an update, it also approved separate schemes of acquisition of State Bank of Patiala and State Bank of Hyderabad with SBI.
Taj GVK, Indian Hotels
Taj GVK jumped on report that Indian Hotels will merge the company with itself.
Indian Hotels rose as much as 5.5 per cent to a 1-month high; Taj GVK Hotels and Resorts surged 20 per cent in its best day since May 17. Indian Hotels ended the session up by 2.42 per cent at Rs 135.25 on the BSE.
Indian Hotels is in talks to merge Taj GVK with itself, CNBC TV18 reports, citing unidentified sources.
A spokeswoman for Taj says news item was “absolutely unfounded".
Taj GVK is a joint venture between Indian Hotels and Hyderabad-based GVK Group.
Indian Hotels owns about 25 per cent stake in Taj GVK, according to Thomson Reuters data.
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