Shreyas Shipping gains after signing MoU with Japanese firm

Shreyas Shipping & Logistics advanced 4.2% to Rs 446.75 at 15:15 IST on BSE after the company signed a MoU with a Japanese firm for the formation of a joint venture company for exploring business opportunities in the logistics space.

The announcement was made during trading hours today, 10 December 2015.

Meanwhile, the BSE Sensex was up 242.24 points, or 0.97%, to 25,278.29

On BSE, so far 8,751 shares were traded in the counter, compared with an average volume of 12,240 shares in the past one quarter.

The stock hit a high of Rs 463 and a low of Rs 422.25 so far during the day. The stock hit a record high of Rs 839.50 on 5 August 2015. The stock hit a 52-week low of Rs 162.25 on 11 December 2014.

The stock had outperformed the market over the past one month till 9 December 2015, rising 7.92% compared with 4.16% fall in the Sensex. The stock had also outperformed the market in past one quarter, gaining 3.94% as against Sensex's 2.66% fall.

The small-cap company has an equity capital of Rs 21.96 crore. Face value per share is Rs 10.

Shreyas Shipping and Logistics, the Indian ship owning arm of the Dubai headquartered global conglomerate Transworld Group and Yokohama based Suzue Corporation of Japan have signed a Memorandum of Understanding (MoU) for the formation of a joint venture company (JVC) for exploring business opportunities in the logistics space within Indian sub-continent and Japan.

Under the agreement, both the entities will develop a joint venture unit which will capitalise on the possibilities in international freight forwarding, customs clearance service, warehousing services, land transport services and other related logistic services with additional focus on land bank development for commercial purposes in Indian sub-continent and Japan. The geographies covered by the agreement initially include Indian sub-continent and Japan, with the possibility of extending to South East Asian nations, Shreyas Shipping and Logistics said.

On a consolidated basis, Shreyas Shipping & Logistics' net profit dropped 33.5% to Rs 14.93 crore on 1.3% fall in net sales to Rs 137.61 crore in Q2 September 2015 over Q2 September 2014.

Shreyas Shipping and Logistics is a container feeder owning and operating company.

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