Shipping stock engaged in the business of owning and operating marine assets to service ports, coastal logistics and many more jumped 15 percent in the day’s trade upon receiving a work order worth Rs. 102 Crores from ONGC.
With a market capitalization of Rs. 353 Crores, the shares of Sadhav Shipping Limited were trading at Rs. 246, up 11.46 percent from its previous day’s close price of Rs. 220.70.
Sadhav Shipping Limited has announced that it has received a new work order worth ~Rs. 102 Crores from Oil and Natural Gas Corporation Limited (ONGC) for the deployment of its Offshore Supply vessel (OSV 1500 DWT) Canara Pride for ONGC business operations for a period of 3 years.
The Canara Pride was previously deployed with ONGC Limited by Sadhav Shipping Limited for a period of 3 years, with a total contract value of approx. Rs 46 Crore, following which it has once again received the contract.
Sadhav Shipping Limited is engaged in the business of owning and operating marine assets to service ports, coastal logistics and it provides other port maritime related services.
Its Revenue from operations grew by 8.27 percent from Rs. 77.80 Crores in FY23 to Rs. 84.24 Crores in FY24, accompanied by profits of Rs. 7.75 Crores to Rs. 9.14 Crores.
It has reported a return on equity (ROE) of 20.40 percent, a return on capital employed (ROCE) of 18.38 percent, and a debt-to-equity ratio of 1.
Written by: Bharath K.S
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