Shreyas Shipping gains after subsidiary sells stake in SRS Freight

Shreyas Shipping & Logistics gained 2.48% to Rs 289.05 at 10:20 IST on BSE after its wholly owned subsidiary Shreyas Relay Systems decided to sell its stake of 51% in SRS Freight Management to BSL Freight Solutions.

The announcement was made after market hours yesterday, 13 October 2016.

Meanwhile, the S&P BSE Sensex was down 32.57 points or 0.12% at 27,610.54.

On BSE, so far 10,352 shares exchanged hands on the counter compared with average daily volume of 18,360 shares in the past one quarter. The stock hit a high of Rs 308 and a low of Rs 287.05 so far during the day. The stock had hit a 52-week high of Rs 529.40 on 19 October 2015. The stock had hit a 52-week low of Rs 133.10 on 17 February 2016. The stock had outperformed the market over the past one month till 13 October 2016, rising 9.83% compared with 2.51% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 33.11% as against Sensex's 0.62% drop.

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

On consolidated basis, Shreyas Shipping & Logistics' net profit fell 61.8% to Rs 6.25 crore on 20.9% growth in total income to Rs 163.90 crore in Q1 June 2016 over Q1 June 2015.

Shreyas Shipping & Logistics is the ship owning and operating unit of Transwortd Group in the Indian subcontinent. The company provides crucial links between Indian ports which helps in providing door-to-door logistics solutions through its wholly-owned subsidiary company, Shreyas Relay Systems and also assists transhipment of cargo from these ports.

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