While the benchmark indices slipped into the red after trading in green in early trade, stocks of shipping and container companies continued to surge on the bourses on Thursday.
The rally came after reports indicated progress on a government-backed container manufacturing promotion scheme.
The stock of Shipping Corporation of India was the biggest gainer. It opened 1.1 percent higher on Thursday at Rs 256.05 compared to the previous close of Rs 256.05 apiece.
The stock further surged to Rs 289.20 apiece, which was over 14 percent higher than the previous close. This was also the 52-week high of the stock.
However, it pared some gains to trade at around Rs 280, or 10 percent higher, during the later trading hours.
Similarly, the stock of Container Corporation of India also posted gains on Thursday. The stock opened about 2 percent higher at Rs 499.30 compared to its previous close of Rs 489.10 apiece.
The stock climbed up to Rs 501.20 during the trading hours, which was around 2.4 percent higher than the previous close.
According to some reports, the proposal for a container manufacturing promotion scheme is likely to be sent to the Expenditure Finance Committee (EFC) of the government after consultations are over.
The Ministry of Shipping has reportedly submitted a proposal worth Rs 10,350 crore with a validity period of 13 years.
The Union Budget had already announced the plan as part of efforts to boost domestic manufacturing and cut down reliance on imports. The government had also announced a Rs 10,000 crore Container Manufacturing Assistance Scheme (CMAS) for the fiscal year 2026–27.
The stock of Adani Enterprises was also trading higher due to potential gains from the government scheme.
The stock opened about 1.1 percent higher at Rs 2,169 compared to its previous close of Rs 2,145.20 apiece.
It jumped to Rs 2,190.05 during the trading hours, which was around 2 percent higher than the previous close.
Disclaimer: This article is for informational purposes only and not investment advice. Stock market investments are subject to risks. Please consult a certified financial advisor before making any investment decisions.
