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After grappling with changed reality, Dalal Street seems to have got some bearing of the new course Great Eastern Shipping is charting. The late night announcement on Wednesday to call off the de-merger proposal surprised the market. Various speculations moved the stock back and forth in the last two days. On Friday, the stock closed at a relatively stable zone at Rs 223, marking the recovery of Thursday's loss.

According to market sources, the board has asked the management to prepare a new restructuring plan within eight weeks. "This has cleared the air to an extent," an official of a large broking firm said. Though the company officials refused to comment, it is reliably learnt that sharp rise in the rates in the offshore business segment (double in the past 12 months) and better prospects for tanker business in the second half of the calendar year have changed the business rationale and became the main reasons for dropping the de-merger proposal.

Jayanta Mallick

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