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Shipping Corporation of India shares surge 8% — Key factors behind the surge explained

Published on: May 22, 2025, 2:10 pm

Source: CNBCTV18

Shipping Corporation of India shares surged 8% on Thursday, May 22, extending their gains for the second straight session. The stock had gained 9% last Friday as well.





Sources have told CNBC Awaaz that the company is preparing to expand its business and has developed a business development plan with the help of consultancy firm Deloitte.





The plan focuses on increasing the number of vessels, replacing the existing fleet and enhancing its capacity, the sources said, adding that the Ministry of Shipping has asked Shipping Corporation to take as many vessels on lease as possible.





In order to increase its capacity, Shipping Corporation of India may sign MoUs with ONGC, Indian Oil, HPCL and GAIL, according to the sources.





The emphasis is on increasing the participation of Shipping Corporation of India in operations and management of vessels which are used in oil imports. Multiple rounds of discussions have already taken place between the Ministry of Shipping and the Ministry of Petroleum.





Shares of Shipping Corporation of India are trading 7.4% higher at ₹195.32. The stock is still down 7.7% so far in 2025.

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