Shreyas Shipping gallops after robust Q1 results

Shreyas Shipping & Logistics was locked at 20% upper circuit at Rs 364.30 at 14:40 IST on BSE after net profit surged 293.6% to Rs 19.17 crore on 38.5% rise in net sales to Rs 117.86 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours on Monday, 14 August 2017. The market was shut yesterday, 15 August 2017. The stock had risen 3.07% to Rs 303.60 ahead of the results on 14 August 2017.

Meanwhile, the S&P BSE Sensex was up 262.46 points, or 0.83% to 31,711.49. The S&P BSE Small-Cap index was up 181.07 points, or 1.18% to 15,590.27.

More than usual volumes were witnessed on the counter. On the BSE, 50,618 shares were traded in the counter so far, compared with average daily volumes of 8,182 shares in the past one quarter. The stock was locked at a high of Rs 364.30 in intraday trade. The stock had hit a low of Rs 336 so far during the day. The stock had hit a 52-week high of Rs 373.45 on 28 April 2017. The stock had hit a 52-week low of Rs 193.10 on 26 December 2016.

The stock had underperformed the market over the past one month till 14 August 2017, falling 7.75% compared with the Sensex's 1.79% decline. The stock had also underperformed the market over the past one quarter, declining 15.14% as against the Sensex's 4.18% rise. The scrip had also underperformed the market over the past one year, gaining 10.48% as against the Sensex's 11.71% rise.

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

Shreyas Shipping & Logistics said that the growth momentum was largely driven by higher volumes and increase in freight rates. The vessel utilisation levels have increased despite increased tonnage. The bunker prices remained moderate during the quarter, allowing the company to maintain its operational costs.

Globally, the environment has improved over the second half of the previous year. The charter hire rates and the scrap rates have seen a positive uptrend since the beginning of the year, company added.

Shreyas Shipping & Logistics, the Indian flagged vessel owning unit of Transworld Group, is a pioneer and market leader in domestic coastal container shipping covering all main ports and container terminals on the Indian coast.

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