Sical Logistics surges after board's nod to buy stake in subsidiary

Sical Logistics rose 5.3% to Rs 213.45 at 9:34 IST on BSE after the company's board approved a proposal to initiate the buying of 26% stake held by MMTC in the company's subsidiary Sical Iron Ore Terminals.

The announcement was made after market hours yesterday, 10 October 2017.

Meanwhile, the S&P BSE Sensex was up 134.29 points or 0.42% at 32.058.70. The S&P BSE Small-Cap index advanced 99.40 points or 0.59% at 16,991.90.

On the BSE, 1,111 shares were traded on the counter so far as against the average daily volumes of 4,278 shares in the past one quarter. The stock had hit a high of Rs 213.45 and a low of Rs 208.20 so far during the day. The stock had hit a 52-week high of Rs 285 on 11 May 2017 and a 52-week low of Rs 162.15 on 21 November 2016.

The stock had underperformed the market over the past one month till 10 October 2017, sliding 11.83% compared with the Sensex's 0.75% rise. The stock had also underperformed the market over the past one quarter, declining 19.79% as against the Sensex's 0.66% rise. The scrip had also underperformed the market over the past one year, gaining 12.96% as against the Sensex's 13.68% rise.

The small-cap company has equity capital of Rs 55.60 crore. Face value per share is Rs 10.

Sical Logistics' board at a meeting held yesterday, 10 October 2017, in-principle approved the proposal to initiate the buying of 26% stake held by MMTC in the company's subsidiary Sical Iron Ore Terminals subject to all statutory and regulatory approvals.

On a consolidated basis, net profit of Sical Logistics rose 75.9% to Rs 11.80 crore on 14.4% growth in net sales to Rs 244.76 crore in Q1 June 2017 over Q1 June 2016.

Sical Logistics is primarily engaged in providing integrated logistics services.

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