During Wednesday’s trading session, the shares of a company engaged in undertaking ship management surged nearly 19.3 percent to Rs. 135.85 on NSE, following the announcement that the company, along with its Singapore-based JV partner, had signed a Memorandum of Understanding (MoU) with the Odisha Government.
With a market capitalisation of Rs. 192.3 crores, at 10:47 a.m., the shares of Sadhav Shipping Limited were trading in the green at Rs. 133 on NSE, up by nearly 16.7 percent, as against its previous closing price of Rs. 113.9.
What’s the News
According to the latest regulatory filings with the NSE, Sadhav Shippi Limited, in collaboration with its Joint Venture (JV) Partner United Petro Shipping Pte Ltd, Singapore, has entered into a MoU with the Government of Odisha at the Utkarsh Odisha (Make in Odisha Conclave 2025).
The MoU outlines plans to explore business opportunities in the state of Odisha, with an initial investment of Rs. 5,637 crores in the Jagatsinghpur/Kendra Pada region.
The proposed business activities will include: ship manufacturing, construction, repairs, and maintenance; development of port infrastructure for offshore supply base, along with logistics services and warehousing facilities; and the exploration, drilling & production of oil & gas, and other minerals from the seabed.
To implement these plans, both the JV partners, United Petro Shipping PTE Ltd along with Sadhav Shipping Limited, will incorporate a new JV company.
Previous News & Orders
30th August 2024: The company received a one-year contract extension from the Mumbai Port Authority. This contract involves providing a Tier 1 Oil Spill Response Facility for the Mumbai/JNPA Harbour. The estimated value of the extended contract is Rs. 7.76 crore.
2nd October 2024: Sadhav Shipping secured an order worth Rs. 13.37 crore from the Jawaharlal Nehru Port Authority (JNPA) to supply two new mooring launch boats on a time charter basis for 10 years.
Additionally, the company received an order valued at Rs. 8.83 crore from JNPA to provide one Pilot Boat (SB Sarala) on a time charter basis for seven years.
13th January 2025: Sadhav Shipping Limited entered into a Joint Venture Agreement (JVA) with United Petro Shipping PTE Limited to jointly establish an “Offshore Supply Base” in India. As part of this proposed JV, the Board of the JV Company will include one director from each participating company.
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Financials
Sadhav Shipping reported a marginal growth in the revenue from operations, experiencing a rise of nearly 11.6 percent YoY, increasing from Rs. 33.7 crores in H1 FY24 to Rs. 37.6 crores in H1 FY25.
Similarly, during the same period, the company’s net profit increased fr Rs. 4.07 crores to Rs. 4.55 crores, representing a growth of around 12 percent YoY.
About the Company
Incorporated in 1996, Sadhav Shipping Limited is engaged in the business of owning and operating barges, tugs & vessels in addition to undertaking ship management for other owners.
The company carry out operations, maintenance & repairs (O&M, MRO) on board ships and offshore structures with the ultimate purpose of owning and operating ships. It is the first company to set up and operate India’s 1 Port Based Tier 1 Oil Spill Response Centre in Mumbai and are now operating in most of the Major Ports in India.
Written by Shivani Singh
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