India's Great Eastern Shipping hits two-month high after Nomura starts with 'buy'

The Great Eastern Shipping

28/09/2026 08:06

** Shipping service provider Great Eastern Shipping GESC.NS rises as much as 4.72% to 1,567.9 rupees apiece, a two-month high
** Nomura initiates coverage of GESC at "buy" and a price target of 1,965 rupees, implying an upside of 32.5%
** Says GESC's management has demonstrated the discipline to buy tonnage when asset values are depressed
** Adds GESC is sitting on a cash pile of 80 billion rupees  ($833.7 million) as of June quarter-end, which could be used to double its existing fleet
** Nomura says market concerns around the eventual downcycle in shipping rates may be exaggerated and GESC is well-placed to leverage from this opportunity
** GESC up 36.4% in 2026 so far


($1 = 95.9600 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))