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Seamec sets sail on bagging contract

Capital Market 

Seamec rose 1.20% to Rs 479.90 after the company said it bagged a contract to deploy vessel to Mumbai high offshore.

Seamec said its subject vessel, Seamec Princess, has been contracted with Posh Subsea for working at Mumbai high offshore. The tenure of the contract is for firm period of 180 days with option of extension. The value of charter during firm period is $4.86 million. The announcement was made after market hours yesterday, 26 November 2019.

Shares of Seamec fell 3.42% in the past four trading sessions to settle at Rs 474.20 yesterday, 26 November 2019, from its close of Rs 491 on 20 November 2019.

In the past one month, shares of Seamec jumped 27.09% to its current market price of Rs 479.90.

Meanwhile, the S&P BSE Sensex was up 137 points or 0.34% to 40,958.70.

Seamec reported a consolidated net profit of Rs 26.82 crore in Q2 September 2019 compared with net loss of Rs 15.19 crore in Q2 September 2018. Net sales surged 123.8% to Rs 79.53 crore in Q2 September 2019 over Q2 September 2018.

Seamec is engaged in offshore and shipping business.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 27 2019. 12:32 IST