Shreyas Shipping soars 20% post Q3 results

The company has signed two MOAs for acquisition of two containers vessels

Shreyas Shipping & Logistics was locked in upper circuit of 20% at Rs 290 on the BSE after the company reported more than three-fold jump in consolidated net profit at Rs 10.68 crore in December 2016 quarter (Q3FY17) on back of strong revenue growth. The shipping company had profit of Rs 3 crore in the year ago quarter.

Total turnover increased by 37% at Rs 193 crore against Rs 141 crore in the corresponding quarter of previous fiscal.

The company said it continues its focus on the development of coastal trade as well as feeder services on the East coast which resulted positively.

In order to cater to the enhanced trade to the east coast, the company has signed two Memorandum of Agreements (MOAs) for acquisition of two containers vessels of 2500 teu and 1100 teu capacity, it added.

The trading volumes on the counter surge multiple folds with a combined 589,347 shares changing hands on the NSE and BSE so far. There were pending buy orders for 58,000 shares on both the exchanges at 10:02 am.