Shreyas Shipping gains on acquisition

DALAL STREET SPIKES

Shreyas Shipping and Logistics gained over 17 per cent from its previous close of Rs 90.30 to an intraday high of Rs 108.35 and later settled for a close at Rs 106. A whopping 2.7 lakh shares changed hands as compared to the two-week average traded quantity of just about 5000 shares.

The rally followed the announcement of the company's acquisition of Haytrans, a Sri Lankan freight forwarding firm, for an undisclosed amount. The stock has gained over 21 per cent over the past one week, rising from the levels of Rs 87.