Shares of Shipping Corporation of India (SCI) and Great Eastern Shipping Company saw a rise of up to 5% on the BSE, following reports that the Centre is expected to approve the Coastal Shipping Bill 2024 in the upcoming Cabinet meeting.
Shipping Corporation of India’s shares rose 4.6%, reaching an intraday high of Rs 249.45. On a year-to-date (YTD) basis, the stock has climbed over 51%. Similarly, Great Eastern Shipping Company shares increased by 2.58%, hitting a high of Rs 1,312. The stock has gained around 35% so far this year.
This surge came after CNBC Awaaz reported that the Cabinet is likely to approve the Coastal Shipping Bill, which aims to relax rules and promote business at Indian ports. The Bill is expected to be presented in Parliament next month, and, if passed, it could come into force in the next 2-3 months.
The Coastal Shipping Bill 2024 is set to boost port traffic by eliminating the need for trading licences for Indian-flagged vessels in coastal trade. International ships will also have regulations aligned with global standards. The Bill also aims to integrate coastal maritime transport with inland waterways to lower transportation costs and promote healthy competition within the sector.