Shreyas Shipping & Logistics surged 10.33% to Rs 401.95 at 10:47 IST on BSE, with the stock extending Wednesday's rally triggered by the company reporting strong Q1 June 2017 results.
Meanwhile, the S&P BSE Sensex was up 95.45 points or 0.3% at 31,866.34. The S&P BSE Small-Cap index rose 156.09 points or 1% at 15,767.77.
On the BSE, 1.10 lakh shares were traded on the counter so far as against the average daily volumes of 8,633 shares in the past two weeks. The stock had hit a high of Rs 409.55 so far during the day, which is a 52-week high. The stock hit a low of Rs 371.55 so far during the day. The stock had hit a 52-week low of Rs 193.10 on 26 December 2016.
Shares of Shreyas Shipping & Logistics have rallied 32.39% in two trading sessions from its closing of Rs 303.60 on 14 August 2017, after the company announced strong Q1 results after market hours on 14 August 2017. The stock had surged by the maximum permissible level of 20% to settle at Rs 364.30 yesterday, 16 August 2017. The stock market was closed on 15 August 2017 for a holiday.
Shreyas Shipping & Logistics' net profit surged 293.6% to Rs 19.17 crore on 38.5% rise in net sales to Rs 117.86 crore in Q1 June 2017 over Q1 June 2016.
The company said that the growth momentum was largely driven by higher volumes and increase in freight rates. The vessel utilisation levels have increased despite increased tonnage. The bunker prices remained moderate during the quarter, allowing the company to maintain its operational costs.
Globally, the environment has improved over the second half of the previous year. The charter hire rates and the scrap rates have seen a positive uptrend since the beginning of the year, company added.
More From This Section
Shreyas Shipping & Logistics, the Indian flagged vessel owning unit of Transworld Group, is a pioneer and market leader in domestic coastal container shipping covering all main ports and container terminals on the Indian coast.
Powered by Capital Market - Live News