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

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ICICI Direct brought in the Great Eastern Shipping Company with a target price of Rs 390. The current market price of Great Eastern Shipping Company Ltd. is Rs 359.35.

The period given by the analyst is 2 weeks when the price of Great Eastern Shipping Company Ltd. can achieve the defined goal.

Great Eastern Shipping Company Ltd., incorporated in 1948, is a mid-cap company (with a market capitalization of Rs 5,303.29 Crore) operating in the shipping industry.

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 in total income of Rs 798.76 crore and down of -31.77% over last year same quarter total income of Rs 1,196.51 crore. The company reported after-tax net profit of Rs 12.36 Crore in the last quarter.


Justification of the investment
The stock broke above the bearish channel containing all of the decline of the past two months, signaling a resumption of the bullish movement and providing a new entry opportunity.

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).

(Disclaimer: The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in any of the stocks mentioned.


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