Shipping stocks higher in anticipation of major announcements for the sector today: Awaaz Exclusive

Shipping stocks like Shipping Corporation of India Ltd. and GE Shipping Ltd. are trading with gains in today's session, ahead of important announcements that are likely to be made for the sector in today's cabinet meeting.

Sources told CNBC Awaaz Exclusively that three schemes worth nearly ₹70,000 crore could be unveiled for the shipping sector later today.

The three schemes include a Shipbuilding Financial Assistance Scheme worth ₹25,000 crore, a Maritime Development Fund worth ₹25,000 crore and a Shipbuilding Development scheme worth ₹20,000 crore.

Shipping stocks had surged earlier last week when the Ministry of Finance granted "infrastructure status" to large ships, a long-standing demand of India's shipping industry. The announcement was already made during Finance Minister Nirmala Sitharaman's budget on February 1 this year.

Shipping Corporation, over the weekend, also announced that it has signed MoUs with BPCL, Indian Oil and HPCL, India's state-run oil refiners to build and operate fleet together to support the "Atmanirbhar Bharat" vision.

Shares of Shipping Corporation are off the highs of the day, currently trading 2.3% higher a ₹228.46, while shipbuilders like Garden Reach, Cochin Shipyard, are also off the highs of the day, with Cochin Shipyard even turning negative intraday.