The Hindu Business Line : A smooth sailing

Shipping sector stocks sailed in calm waters in a choppy market. The week started on a weak note with a steep fall in mid-cap stocks. Equities recovered towards the end of the week with stocks of public sector refineries such as Indian Oil and HPCL, and bank stocks such as Vijaya Bank and Bank of Baroda at the forefront. In the Interim Budget presented during the week, the Government has announced a shift to tonnage-based tax for shipping companies. The tonnage tax is expected to lower tax outgo for shipping companies. This provided a boost for shipping sector stocks such as Varun Shipping, GE Shipping and Shipping Corporation of India, which notched up sizably. Other than the shipping-sector, driven by FII interest, stocks of Bombay Dyeing, Bata India and Jammu & Kashmir were prominent gainers in a volatile market.

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