GE Shipping advances as record date nears
GE Shipping advanced 5% to Rs 345.25, on sustained buying interest
As many as 14.73 lakh shares were traded on the counter on BSE.The stock witnessed a steady rally in the past few trading sessions, on the back of high volumes. From Rs 294.80 on 23 October, the stock advanced 13.90% to Rs 336.10 by 31 October 2006, in just 4 trading sessions. From here it slipped to Rs 328.75 on 02 November 2006, on profit booking.
The company has announced closure of its books from 15 November 2006 to 16 November 2006 to ascertain the shareholders who will be eligible for the equity shares of Great Offshore (GOL), which will be formed by divesting its offshore services business.
As per the scheme of de-merger of offshore services, all shareholders of GE Shipping will be issued 1 fully paid share of Rs 10 each in GOL for every five shares held. Consequently, the shares held GE Shipping will stand re-organized to 4 shares of Rs 10 each for every 5 shares currently held. Upon the scheme becoming effective, the paid-up capital of the company will reduce to Rs 152.27 crore from Rs 190.34 crore, being the existing capital.
For Q2 September 2006, GE Shipping reported 61.50% rise in net profit to Rs 197.92 crore (Rs 122.58 crore). Net sales rose 25.20% to Rs 522.32 crore (Rs 417.27 crore).
As many as 14.73 lakh shares were traded on the counter on BSE.The stock witnessed a steady rally in the past few trading sessions, on the back of high volumes. From Rs 294.80 on 23 October, the stock advanced 13.90% to Rs 336.10 by 31 October 2006, in just 4 trading sessions. From here it slipped to Rs 328.75 on 02 November 2006, on profit booking.
The company has announced closure of its books from 15 November 2006 to 16 November 2006 to ascertain the shareholders who will be eligible for the equity shares of Great Offshore (GOL), which will be formed by divesting its offshore services business.
As per the scheme of de-merger of offshore services, all shareholders of GE Shipping will be issued 1 fully paid share of Rs 10 each in GOL for every five shares held. Consequently, the shares held GE Shipping will stand re-organized to 4 shares of Rs 10 each for every 5 shares currently held. Upon the scheme becoming effective, the paid-up capital of the company will reduce to Rs 152.27 crore from Rs 190.34 crore, being the existing capital.
For Q2 September 2006, GE Shipping reported 61.50% rise in net profit to Rs 197.92 crore (Rs 122.58 crore). Net sales rose 25.20% to Rs 522.32 crore (Rs 417.27 crore).
posted by SY at 4:26 PM
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