Shreyas Shipping & Logistics jumped 7.32% to Rs 54.25 at 10:55 IST on BSE, on reports the company plans to invest around Rs 100 crore to expand its shipping, warehousing and inland transportation capacities.
Meanwhile, the BSE Sensex was down 47.87 points, or 0.23% at 20,495.21.
On BSE, 1.84 lakh shares were traded in the counter as against an average daily volume of 15,125 shares in the past one quarter.
The stock hit a high of Rs 57 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 51.30 so far during the day. The stock had hit a 52-week low of Rs 28.10 on 27 November 2009.
The small-cap stock had outperformed the market over the past one month till 6 October 2010, rising 20.79% compared with the Sensex’s return of 10.68%. It had also outperformed the market in past one quarter, surging 50.45% as against 16.63% rise in the Sensex.
The company has an equity capital of Rs 21.96 crore. Face value per share is Rs 10.
As per reports, the company would set up warehousing facilities at 8 to 10 locations across the country and these facilities would be taken up on the long-term lease model.
The company reportedly plans to add more trailers to its inland transportation fleet. The company currently operates around 8 trailers and plan to increase the number to 100 over a period of time. This expansion would be undertaken in phases with probably around 10 trailers per quarter, reports suggest.
On consolidated basis, Shreyas Shipping & Logistics reported net profit of Rs 1.63 crore in Q1 June 2010 compared to net loss of Rs 1.64 crore in Q1 June 2009. Net sales rose 11.3% to Rs 42.96 crore in Q1 June 2010 over Q1 June 2009.