Sical Logistics surges 14% on fund raising plan through preferential issue

The board of directors of the company will be meet on September 7, 2018, to consider raising funds through issue of equity shares on a preferential basis.

Shares of Sical Logistics surged 14% to Rs 191 on the BSE on back of heavy volumes after the company announced fund raising plan through preferential issue.

“A meeting of the board of directors of the company will be held on September 7, 2018, to consider raising funds through issue of equity shares on a preferential basis, subject to the approval from shareholders and regulatory approvals,” Sical Logistics said in a statement.

Sical Logistics is primarily engaged in providing integrated logistics services. The company had posted 71% year on year (YoY) declined in its consolidated net profit at Rs 34 million in June 2018 quarter (Q1FY19), due to rise in the cost of service and employee cost. Revenue from operation grew 32% at Rs 3,235 million on YoY basis.

The board of directors at their meeting held on May 11, 2018 had in-principle approved the proposal to purchase the 11% stake held by L&T Infrastructure Development Projects in Sical Iron Ore Terminals [the company’s subsidiary] subject to regulatory approvals.

At 10:52 am; Sical Logistics was trading 11% higher at Rs 187 on the BSE, as compared to 0.07% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than 10-folds with a combined 555,531 equity shares changed hands on the NSE and BSE so far.