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Great Eastern Shipping made significant gains on Wednesday on the buzz that it got ONGC's go-ahead for de-merging its offshore services business.

Despite a weak market, shares of GE Shipping rose 10.29 per cent to close at Rs 227.70 on the BSE.

The proposed de-merger of the company's offshore businesses was held up for the last 3-4 months after ONGC, the company's major offshore services customer, raised objections to the plan, dealers said.

Analysts said the hive-off would unlock value for investors. The counter witnessed good volume with about 4.9 lakh shares changing hands, against a two-week average of 1.64 lakh on the BSE.

Rajesh Abraham

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