GE Shipping does ‘Patel’ rap!

The market seems to be pretty tickled by the news from GE Shipping. The company said that is has appointed former RBI Governor, Urjit Patel as an additional and independent director for a term of five years.

This news apart, the largest private ship liner, for Q1FY21 posted a consolidated net profit of Rs.468 crore v/s loss of Rs.54 crore (YoY).

The company said that operational challenges arising due to lockdowns including movement of manpower and materials are being appropriately addressed by the Management. Offshore assets under term contracts with reputed customers continue to operate as per original schedules. For shipping, the impact of COVID-19 pandemic has been different across different types of assets.

During the quarter, the company has formed a wholly owned subsidiary in India - Great Eastern Services Limited, with main objects of providing allied shipping services

The market is pretty happy with this development and the stock price rose almost 8% to hit an intraday high at Rs.240. Its 20% UC for the day stands at Rs.267.35.