Great Eastern Shipping Company share price: Buy Great Eastern Shipping Company, target price Rs 390: ICICI Direct

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ICICI Direct bought the call from Ltd with a target price of Rs 390. The current market price of Great Eastern Shipping Company is Rs 356.2.

The period given by the analyst is 14 days when the Great Eastern Shipping Company price can meet the set target.

Great Eastern Shipping Company Ltd., incorporated in 1948, is a mid-cap company (with a market capitalization of Rs 5,237.15 Crore) operating in the shipping industry.

The main product / revenue segments of Great Eastern Shipping Company Ltd. includes freight and demurrage, charter rental and other operating income for the year ending March 31, 2021.

Finance
For the quarter ended 30-06-2021, the company reported consolidated total income of Rs 816.38 crore, up 2.21% from last quarter total income of Rs 798.76 crore and down -31.77% compared to last year. Total income of Rs 1196.51 crore. The company reported after-tax net profit of Rs 12.36 Crore in the last quarter.

Justification of the investment
The brokerage expects stocks to resolve higher and head towards Rs 390 levels in the coming weeks as this is the 80% retracement of its recent decline (Rs 424 to 287). The stock recently rebounded forming a higher base at the 52 week EMA (currently at | 317) and the 61.8% retracement of the recent bullish move (Rs 211-424) highlighting a positive structure

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