Varun Ship up 1.5% on good Q4 show

DALAL STREET SPIKES

Varun Shipping has gone up by 1.55 per cent to close at Rs 85.30 on the back of the robust March quarter results announced on Wednesday. The stock witnessed pre-result rally from Rs 68 on March 28 to Rs 84 on April 18 on expectation of strong results.

The counter witnessed a high volume of 40 lakh shares on BSE as against an average volume of 6.12 lakh. In Q4, its net profit jumped 93.6 per cent to Rs 57.9 crore from Rs 29.9 crore in Q4FY05.

Net sales during the same quarter rose to Rs 190.32 crore from Rs 110.96 crore in Q4FY05. The company's fleet of LPG carriers is the largest in the country, in terms of both fleet size and carrying capacity. It forms 76 per cent of the aggregate cargo carrying capacity of

LPG carriers operating under the Indian flag. Varun Shipping has been expanding aggressively in the LPG carrier segment. It accounts for 80 per cent of the country's annual imports of LPG at 1.5 million tonne as there are very few players in this sector.