GE Shipping’s shares hit a new high of Rs 672 and soared by 5% on the BSE. The stock reported its high of Rs 647.50 on November 23. The company has zoomed 126 per cent, compared to a 5 per cent rise in the benchmark index.

The stock price of GE Shipping jumped 26 per cent in October after the company reported, on a consolidated basis, a net profit of Rs 731 crore in Q2FY23 over a net profit of Rs 206 crore in the second quarter of FY22. Total revenue grew 78 per cent to Rs 1,700 crore compared to Rs 953 crore in 2021.

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Asset values reflected the trend in freight market sentiment, with tanker prices continuing to rise and dry bulk prices falling by approximately 15 to 20 per cent. On BSE, the Total interim dividend of GE Shipping paid Rs 12.60 per share at face value of Rs 10 each.