Share price of a company engaged in the business of trading imported coal, moved up by 11.7 percent to Rs. 63.95 on Wednesday, compared to its previous closing price of Rs. 57.25, after the company entered into a Joint Venture Agreement.
With a market cap of Rs. 24.94 crore, the shares of Reetech International Cargo & Courier Ltd. opened at Rs. 57.90 on February 21st, and closed at Rs. 59.0, up by 3.06 percent.
The company has delivered negative returns of nearly 1.72 percent in the last six months, whereas, so far in 2024, it has given positive returns of around 37.7 percent.
According to the recent filings on BSE, Reetech International Cargo & Courier Limited has executed a Joint Development Agreement with A.I.M. Infrastructure.
The purpose of entering into the agreement is to set up a Joint Development Agreement for the construction and development of immovable property.
In terms of financials, the revenue from operations of the company reduced by 90.2 percent YoY from Rs. 95.80 crore in Q2 FY22-23 to Rs. 9.38 crore in Q2 FY23-24.
However, the company witnessed an increase in net profit on a year-on-year basis by nearly 107.09 percent to Rs. 0.11 crore in Q2 FY23-24 from a loss of Rs. 1.55 in Q2 FY22-23.
Reetech International Cargo & Courier Ltd. was initially engaged in the business of agricultural goods like rice milling, rice sorting, dal milling, dal processing and agriculture products. However, since 2020, the company has been engaged in the business of trading imported coal.
Written by Shivani Singh
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