Terminating Coverage Shipping Corporation of India (SCI.BO)

We are discontinuing coverage of Shipping Corporation of India due to a lack of
investor interest in the stock.

The firm's final recommendation of the security is Sell/Medium Risk (3M) and
our target price is Rs 171. We arrive at our target price for SCI by calculating a
simple average of the long-term P/BV and the current NAV. Our fair-value
NAV/share is Rs204. SCI's long-term average P/BV is 0.68x. The share price
trades within a fairly steady band of +/-1 standard deviations. At an FY08E P/BV
of 0.68x, we compute a fair value of Rs138.

The above rating is our final rating on the stock, and we will not be providing
any further updates to our research or ratings on this stock. Because facts and
circumstances may change, the information and analysis contained in this or
prior research may no longer be applicable or accurate in the future.
Accordingly, you should not rely on this or previous research with respect to this
company going forward.