Shreyas Shipping & Logistics rose 9.30% to Rs 348 at 10:31 IST on BSE after the company said it signed a joint venture agreement with Japan's Suzue Corporation.
The announcement was made after market hours yesterday, 12 June 2017.Meanwhile, the S&P BSE Sensex was up 78.68 points, or 0.25% to 31,174.38.
On the BSE, 17,000 shares were traded in the counter so far, compared with average daily volumes of 15,348 shares in the past one quarter. The stock had hit a high of Rs 364.75 and a low of Rs 345 so far during the day. The stock hit a 52-week high of Rs 464.55 on 11 July 2016. The stock 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 12 June 2017, falling 11% compared with 3.01% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.82% as against Sensex's 5.61% rise. The scrip had underperformed the market in past one year, falling 19% as against Sensex's 17.80% rise.
The small-cap company has equity capital of Rs 21.96 crore. Face value per share is Rs 10.
Shreyas Shipping and Logistics (Shreyas) and Suzue Corporation of Japan signed the joint venture agreement wherein a joint venture company would be formed, which will capitalise on the possibilities in international freight forwarding, customs clearance service, warehousing services, land transport services and other related logistic services with additional focus on land bank development for commercial purposes in Indian Sub-continent and Japan.
The geographies covered by the agreement initially include Indian sub-continent and Japan, with the possibility of extending to South East Asian nations.
On a consolidated basis, Shreyas Shipping & Logistics reported net loss of Rs 9.94 crore in Q4 March 2017 as against net profit of Rs 15.11 crore in Q4 March 2016. Net sales rose 4.69% to Rs 184.31 crore in Q4 March 2017 over Q4 March 2016.
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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