Detailing the technical rationale, Axis Securities noted that SCI "has registered a decisive breakout above the inverted head and shoulders pattern on the weekly chart at Rs 240".
Following the fresh development, the SCI stock rose 9.49 per cent to hit a high of Rs 290.60 on BSE. As per the Moneycontrol report, the SCI board has been set up and hurdles around the stamp duty exemption sorted.
In August, Prime Minister Narendra Modi said in a jest that stock market investors should invest in PSUs which were criticised by the Opposition in the past. PM's light-hearted advise on the floor of the Lok Sabha led to PSU stocks surging over the last one month as shares of some PSUs seem to have caught the eyes of investors. Watch this Visual Story to see PSU stocks that have surged up to 85% in once month since PM's remark.
Hot stocks today: Benchmark indices were trading higher in early deals today (September 8). Adani Ports, IRFC, Graphite India, Cochin Shipyard, Mazagon Dock among hot stocks on Friday. Watch this Visual Story to know more.
Stocks to watch today: Indian stock market is expected to remain sideways on the back of mixed cues from global as well as domestic markets. Adani Enterprises, APL Apollo Tubes, Tata Motors, Ashok Leyland, Titagarh Rail Systems among stocks to watch on Friday (September 1, 2023).
B&K Securities says that value is emerging in the stock post 21 per cent correction, option value from DFC and divestment buzz.
Shipping Corporation of India stock touched a fresh high of Rs 123.55, rising 19.14% against previous close of Rs 103.75 on BSE
Extending previous session rally, Shipping Corporation share price rallied 14.9 per cent to touch fresh 52-week high of Rs 84.85 on the BSE on Thursday
In terms of volume, over 50 lakh shares of the state-run firm were traded on the two bourses. The company has raised Rs 1,200 crore through its FPO.





