Indian shipping firms up on report of launch of maritime fund, incentives

Seamec

11/07/2024 09:50

** Shares of Indian shipping companies up 5%-20% 
    ** Government may announce incentives and launch Maritime
Development Fund (MDF) for shipping services providers and
shipbuilders in July 23 budget, broadcaster CNBC Awaaz reports,
citing sources
    ** Adds, MDF likely to receive allocation of 150 bln rupees
to 200 bln rupees (1.79 bln-$2.39 bln) to help shipbuilders,
like Shipping Corp  SCI.NS , avail long-term loans at lower
costs
    ** SCI and peer Shreyas Shipping  SRSH.NS  up 20% each; SCI
at record high while SRSH eyes best day since May 2023
    ** Garden Reach Shipbuilders  GRSE.NS , Cochin Shipyard
 COCH.NS  and Mazagon Dock  MAZG.NS  up 5% each; Seamec
 SEAM.NS  up 6.4% at record high

($1 = 83.5685 Indian rupees)


 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))