Meanwhile, the BSE Sensex was down 71.89 points, or 0.36%, to 19,727.30

On BSE, 3.82 lakh shares were traded in the counter as against an average daily volume of 1.72 lakh shares in the past one quarter.

The stock hit a high of Rs 138 and a low of Rs 136 so far during the day. The stock had hit a 52-week high of Rs 202.50 on 6 October 2010 and a 52-week low of Rs 132 on 9 December 2010.

The stock had underperformed the market over the past one month till 14 December 2010, falling 19.88% compared with the Sensex’s 1.77% fall. It had also underperformed the market in past one quarter, declining 17.09% as against 2.34% rise in the Sensex.

The mid-cap state-run shipping company has an equity capital of Rs 423.45 crore. Face value per share is Rs 10.

Shipping Corporation of India (SCI) had priced its follow-on public offer (FPO) at the top end of the Rs 135-140 per share price band. Retail investors and SCI employees were issued shares at Rs 133 each, a 5% discount to the FPO price.

SCI’s FPO had ended on 3 December 2010 with 4.8 times subscription. The IPO got bids for 41.64 crore shares, compared with 8.46 crore shares on offer. The QIB category was subscribed 4.19 times. The non-institutional investors category, was subscribed 3.67 and the retail investors segment was subscribed 6.56 times.

Following the FPO, the government’s holding in the company has declined 63.75% from the earlier 80.12%.

SCI plans to invest the proceeds from the FPO on expansion, including its proposed entry into the ports and terminal management business in a joint venture with a global company.

SCI’s FPO was a part of the government’s plan to raise Rs 40000 crore through stake-sale in state-run firms in the fiscal year that ends in March 2011.

Shipping Corporation of India’s net profit soared 643.7% to Rs 250.63 crore on 3.7% increase in net sales to Rs 876.44 crore in Q2 September 2010 over Q2 September 2009.