Shreyas sails high on acquisition plans

DALAL STREET SPIKES

Shreyas Shipping jumped 19.99 per cent to Rs 121.55 followed by robust volumes of 1.5 lakh shares after its board's decision to raise funds worth Rs 150 crore for acquisitions by way of equity investment in Indian or foreign companies engaged in warehouse/ road transport/ logistics.

The stock has underperformed in recent times due to declining profitability in at least the last three quarters.

Despite poor financial performance, Shreyas has plans to ramp up its fleet through the acquisition of 10-15 vessels in the 750-1,500 teu (twenty-foot equivalent units) category in next year and has also signed adeal for the purchase of fully cellular ship of 1,300 teu for about Rs 60 crore.