Transport Corp sails smoothly after acquiring new ship

Transport Corporation of India rose 2.16% to Rs 264.45 at 10:51 IST on BSE after the company announced acquisition of a new ship to increase capacity in the West coast of India.

The announcement was made after market hours yesterday, 20 March 2018.

Meanwhile, the S&P BSE Sensex was up 315.93 points or 0.96% at 33,312.69. The S&P BSE Small-Cap index was up 202 points or 1.17% at 17,393.97.

On the BSE, 2,523 shares were traded in the counter so far as against average daily volume of 5,753 shares in the past two weeks. The stock had hit a high of Rs 272 and low of Rs 263.85 so far during the day. The stock had hit a record high of Rs 349.65 on 6 July 2017. The stock hit a 52-week low of Rs 212.50 on 25 March 2017.

The small-cap company has equity capital of Rs 15.32 crore. Face value per share is Rs 2.

Transport Corporation of India said that the company's division, TCI Seaways, has announced capacity addition and business expansion of its domestic coastal shipping business through acquisition of another vessel in the West coast of India. The total investment made in the acquisition of the new ship is about Rs 48.80 crore. The financing for this new ship has been done through internal accruals and loan from banks.

The new ship with a dead weight tonnage (DWT) 26262 can hold 766 containers (TEUs and FEUs). Each container with a carrying capacity of 30 tonne will be plying in the West-South coast corridor.

Transport Corporation of India's net profit surged 65.05% to Rs 27.91 crore on 24.48% rise in total income to Rs 562.52 crore in Q3 December 2017 over Q3 December 2016.

Transport Corporation of India is India's leading integrated supply chain and logistics solutions provider.

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