SCI sinks into bigger loss

PSU Shipping Corporation of India (SCI) is a big loser on the markets today, currently the top loser on the BSE; slipping down 7.5% to Rs.100.80. The market had probably anticipated a good Q2 performance, which is probably why it had been hitting new high consistently on 1st and 2nd of November.

Based on the stock price performance today, needless to say, the Q2FY18 earnings have been very disappointing. The PSU, which owns and operates around one-third of the Indian tonnage, posted a much bigger loss at Rs.76 crore v/s loss of Rs.18 crore in previous Q2. Its loss in Q1FY18 was also lower at Rs.7 crore which is why many had expected a probably turnaround in current Q2.

Though total income rose over 2% to Rs.825 crore, the total expenses also rose in tandem to Rs.883 crore, pushing the company into the red.