Shipping Corp jumps after joining hands with oil PSUs for fleet

Shipping Corporation of India (SCI) gained 5.77% to Rs 231.95 after the company announced it has signed a memorandum of understanding (MoU) with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL), and Indian Oil Corporation (IOCL).

The collaboration aims to jointly build and operate a fleet to support the Atmanirbhar Bharat initiative, strengthen India?s shipping capacity, and enhance the country?s energy security. Under the MoU, the companies plan to acquire, own, operate, and manage vessels for international trade and coastal transport of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes.

Shipping Corporation of India is engaged in the business of transporting goods and passengers.

The company reported a 21.50% increase in consolidated net profit of Rs 354.17 crore in Q1 FY26 as against Rs 291.48 crore posted in Q1 FY25. However, revenue from operations declined 13.09% year on year to Rs 1,316.04 crore in the quarter ended 30 June 2025.

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