Navkar Corp drops as subsidiary terminates contract with Kribhco Infrastructure

Navkar Corporation lost 1.53% to Rs 173.40 at 12:24 IST on BSE after the company informed that its subsidiary has terminated agreement with Kribhco Infrastructure.

The announcement was made after market hours yesterday, 23 November 2016.

Meanwhile, the S&P BSE Sensex was down 103.55 points or 0.4% at 25,948.26

On BSE, so far 1,339 shares were traded in the counter as against average daily volume of 30,270 shares in the past one quarter. The stock had hit a high of Rs 176.15 and low of Rs 171.75 so far during the day. The stock had hit a record high of Rs 223.65 on 29 June 2016. The stock had hit a 52-week low of Rs 151 on 3 March 2016. The stock had underperformed the market over the past 30 days till 23 November 2016, falling 11.91% compared with the 7.26% decline in the Sensex. The scrip also underperformed the market in past one quarter, falling 10.54% as against Sensex's 6.41% decline.

The small-cap company has equity capital of Rs 142.61 crore. Face value per share is Rs 10.

It may be recalled that Navkar Corporation had on 2 June 2016 announced that the company's wholly-owned subsidiary, Navkar Terminals, has received contract for operation and management of Kribhco Infrastructure's container freight station (CFS)/ICD and handling of container trains at Hazira Terminal, Gujarat.

On consolidated basis, the company's net profit rose 40.86% to Rs 23.51 crore on 8.19% growth in net sales to Rs 87.99 crore in Q1 June 2016 over Q1 June 2015.

Navkar Corporation is a container freight stations (CFSs) operator in India with three CFSs. The company operates in close proximity to the Jawaharlal Nehru Port (JNP), the largest container port in India. The company's three CFSs and private railway freight terminal (PFT) operations are spread over 3.59 million sq. ft., of which 1.63 million sq. ft. have been notified as a customs area.

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