Shreyas Shipping gains 3% on joint venture with Japanese firm
The announcement was made after market hours on Monday. Cheering on the development, shares of the company advanced 14.55 per cent to Rs 344.95 in the morning trade to eventually close 3 per cent up at Rs 321.25 on BSE. Shreyas Shipping and Logistics (Shreyas) and Suzue Corporation of Japan have 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.
According to the company’s statement, the venture will also focus on land bank development in the Indian sub-continent and Japan.
Geographically, there is also a possibility to extend the venture to South East Asian nations, stated the release.
On BSE, 21,000 shares were traded on the counter so far as compared to the two-week average of 8,507 shares. Shares of the company had hit their fresh 52-week high and 52-week low of Rs 464.55 and Rs 193.10 in July 2016 and December 2016, respectively. Promoters held 73.25 per cent stake in the company as of March 31, 2017.
Shreyas Shipping & Logistics, incorporated in the year 1988, is a small cap company (having a market cap of Rs 699.13 crore) operating in shipping sector.
- ^ Shares (economictimes.indiatimes.com)
- ^ Shreyas Shipping (economictimes.indiatimes.com)
- ^ market (economictimes.indiatimes.com)
- ^ BSE (economictimes.indiatimes.com)