Buy Great Eastern Shipping With Stop Loss Of Rs 252

Buy Great Eastern Shipping With Stop Loss Of Rs 252Technical analyst Brijesh Singh has maintained 'buy' rating on Great Eastern Shipping Company Limited stock with a target of Rs 270.

Mr. Singh said that the stock can be purchased with a stop loss of Rs 252.

The stock of the company, on March 23, closed at Rs 257.65 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 393 and a low of Rs 246 on BSE.

Current EPS & P/E ratio stood at 29.67 and 8.75 respectively.

Sheths of Great Eastern Shipping have deployed part of the cash generated from their customary shipping biz to swell their offshore biz with Singapore as the center for worldwide functioning.

Greatship (India), offshore services firm set up in the year 2006 instantly after a break up between Ravi and Bharat Sheth and their cousin Vijay Sheth, has recently launched business HQ in Singapore to magnetize professionals and international biz opportunities.

Mr. Ravi KSheth, MD, Greatship (India) stated, "We have to derisk ourselves from the capital-intensive shipping business and focus on something which relies more on human capital. That is why we are betting big on offshore business. Singapore has the right infrastructure to build a global company."

Great Eastern Shipping Company recorded a slight increase in its standalone net profit for the three month period ended December 2010.

During the said period, the company's profit surged 5.58% to Rs 795.00 million as against Rs 753.00 million during the corresponding quarter last year.

The company registered an EPS of Rs 5.22 during the quarter.