Shipping stocks gain eyeing Rs 11Kcr new govt orders

Shipping stocks were on buyers' radar on Wednesday on hopes that Shipping Ministry will award large chunk of projects by end of current fiscal.

The Economic Times reported that the shipping ministry will award 25 projects worth Rs 11,000 crore by the end of the current fiscal, a move that is expected to increase cargo-handling capacity at ports by 250 million tonne. "The decision follows Prime Minister Manmohan Singh's instruction to the ministry a month ago that capacity expansion should be fast-tracked," the report says.

"The ministry has set a target of awarding 42 projects in 2013. We have already awarded 17 and will now complete 25 projects by March, increasing the total capacity across ports by 250 million tonne," Pradeep Sinha, secretary in the shipping ministry, said.

State-owned Shipping Corporation of India rallied 2 percent while Bharati Shipyard rose over 2 percent.

Adani Ports , Essar Shipping and GE Shipping were up over 0.6 percent. Gujarat Pipavav , Mercator and Shreyas Shipping climbed nearly 1.5 percent.

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