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Shreyas Shipping hits 52-week high on strong September quarter results

The stock rallied 20% to Rs 541 after the company reported net profit of Rs 19.70 crore in Q2FY18 against Rs 2.41 crore in a year ago quarter.

SI Reporter  |  Mumbai 

Cyber threats prompt return  of radios for ship navigation
Ships lack a back-up navigation system and if their GPS ceases to function, they risk running aground or colliding with other vessels. Photo: iSTOCK

hit a 52-week high of Rs 541, up 20% on the BSE in intra-day trade, after the company reported a strong net profit of Rs 19.70 crore in September quarter (Q2FY18). It had profit of Rs 2.41 crore in a year ago quarter. Operational revenue of the company increased by 35% to Rs 124 crore from Rs 92 crore in the corresponding quarter of previous fiscal. For the first half (April – September) of the current financial year 2017-18, Shreyas Shipping & Logistics’ net profit jumped over five-fold to Rs 38.87 crore against Rs 7.27 crore in the same period last year.

It had reported profit of Rs 3.51 crore during the entire previous financial year 2016-17. At 10:09 AM; the stock was trading 15% higher at Rs 518 against 0.23% decline in the S&P BSE Sensex. In past three months, it rallied 72% as compared to 4.5% rise in the benchmark index. The trading volumes on the counter more than doubled with a combined 466,558 shares changed hands on the BSE and NSE so far.

First Published: Wed, November 15 2017. 10:12 IST