GE Shipping rallies 11%; stock hits 52-week high on heavy volumes

Crude tanker freight rates remained around opex levels for most of the year in FY22 but experienced a sudden spurt starting end-Feb 2022 due to the Russia-Ukraine conflict.

Shares of Great Eastern (GE) Shipping hit a 52-week high of Rs 459.20 as the stock rallied 11 per cent on the BSE in Tuesday’s intra-day trade on the back of heavy volumes. The stock surpassed its previous high of Rs 445.50 that it had touched on May 18, 2022.

At 12:06 PM; GE Shipping traded 10 per cent higher at Rs 455, as compared to 0.15 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped over six-fold as 2.3 million equity shares representing 1.56 per cent of total equity of GE Shipping