Financial Daily from THE HINDU group of publications
Sunday, Nov 02, 2003
Financial Daily from THE HINDU group of publications Sunday, Nov 02, 2003 |
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Investment World
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Stocks Markets - Recommendation Logistics - Stocks GE Shipping: Buy S. Vaidya Nathan
INVESTMENTS can be contemplated in the stock of Great Eastern Shipping as it is poised to benefit from the strong undertone in the dry-cargo-freight market (ferrying of cargoes such as coal, iron ore, grains), and the likely stability in the product tanker market (oil and oil products). Its offshore service business is also likely to make a contribution to revenues. Business Line had recommended the stock at Rs 46 in July 2003 and we reiterate our buy. The strength in the Chinese economy could ensure strong demand for dry cargo, and help sustain the firmness in dry-cargo freight rates, with improving prospects in the US and other economies providing a good support cast. The improving age profile of its fleet, which helps fetch better rates with the stress on stringent safety norms, and accretion to tonnage, would also drive profitability. With two good quarters under its fold, its performance in the fiscal year 2004 is likely to be impressive.
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