Shreyas Shipping & Logistics
and Japan-based Suzue Corporation have signed an agreement to form a joint venture company.
The JV will capitalise on the possibilities of international freight forwarding, customs clearance service, warehousing services, land transport services and other logistics services.
It will additionally 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 the South East Asian nations.
The stock of Shreyas Shipping on the NSE is trading at Rs 348.25 per share, higher by 28 per share or 8.7% at 0945 hours. The stock has delivered a negative return of 10% in a period of one year and has underperformed the BSE Small Cap and Nifty Service Sector indices over the same time span.
Shreyas Shipping & Logistics Ltd is currently trading at Rs 346.9, up by Rs 28.5 or 8.95% from its previous closing of Rs 318.4 on the BSE.
The scrip opened at Rs 345 and has touched a high and low of Rs 364.75 and Rs 345 respectively. So far 194584(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 699.21 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 464.55 on 11-Jul-2016 and a 52 week low of Rs 193.1 on 26-Dec-2016. Last one week high and low of the scrip stood at Rs 330 and Rs 310 respectively.
The promoters holding in the company stood at 73.25 % while Institutions and Non-Institutions held 2.18 % and 24.58 % respectively.
The stock is currently trading above its 50 DMA.