Penny Stock engaged in the business of providing logistics services focused on dry bulk logistics, container freight forwarding, and inland road logistics hit a 10 percent upper circuit following acquisition of a ship.
In the day’s trade, the shares of Seacoast Shipping Services Limited hit a 10 percent upper circuit at Rs. 3.90 and its market capitalization is Rs. 211 Crores.
Seacoast Shipping Services Limited has announced that it has purchased a ship named M.V. BHARADWAJ, this is a strategic investment to enhance the company’s operational capabilities
The acquired ship is currently located at Qatar Port where it is undergoing inspection & necessary procedure for a flag change and the process is anticipated to be completed by January 15, 2024. The total estimated cost for acquiring the ship is 6 Million Dollars, i.e., approximately Rs. 51 Crores.
However, this substantial expenditure will necessitate a continuous need for working capital. As a result, the company has made the strategic decision to defer the buyback of shares at this moment.
Seacoast Shipping Limited is primarily engaged in the business of providing logistics services to importers and exporters. It focuses on dry bulk logistics, container freight forwarding, and inland road logistics and it is among the top 3 freight forwarders handling Agri commodities exports in containers from the Mundra port.
The company’s revenue from operations grew 236.13 percent from Rs. 127.8 Crores in FY22 to Rs. 429.58 Crores in FY23, accompanied by increasing profits of Rs. 2.55 Crores to Rs. 14.28 Crores.
It has reported a return on equity (ROE) of 26.04 percent and a return on capital employed (ROCE) of 28.4 percent, it is making good returns on its equity and capital employed, accompanied by a good growth in revenue and profit.
Written by: Bharath K.S
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