Shares of the shipping company sank around 5% on 23 July as there were no significant announcements made by Finance Minister Nirmala Sitharaman in her Budget 2024 speech pertaining to the sector. 

The only announcement that was made regarding the ownership, flagging and leasing reforms will be implemented to improve the share of the Indian shipping industry and generate more employment.

However, the shipping industry was hoping towards a revised production-linked incentive (PLI) scheme for producing shipping-grade containers with an aim at enhancing the domestic manufacturing capabilities and relying less on imports. 

Moreover, the industry was also expecting an announcement of a Maritime Development Fund of around Rs 20,000 crore, which will provide shipping companies with low-interest loans that will facilitate easier access to capital for shipping companies.

Announcements related to the introduction of the green ship scheme to replace oil-guzzling ships with clean vessels, and the extension of the Shipbuilding Financial Assistance Policy (SBFAP) beyond 2026 were eyed.

The shares of Mazagon Dock Shipbuilders and Garden Reach Shipbuilders closed 5% lower, whereas Shipping Corporation of India shares closed 6% lower.

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