India: Shreyas Shipping gains on pact with SCI


Shares of Shreyas Shipping and Logistics were up nearly 3% at Rs 331 after the company said that it has entered into an agreement with state-owned Shipping Corporation of India (SCI) to strengthen costal shipping and expand its presence on East-West trade lane.

The company recently entered into a Vessel Sharing Arrangement (VSA) with SCI on two of the services connecting East coast of India to West coast of India and vice versa along with Persian Gulf with addition of new ports commencing with effect from June 09, 2016, the release said.

This arrangement brings multiple benefits to the customers, trade and the Indian coastal shipping at large. Additional tonnage has been deployed on this trade lane providing improved frequency and transit time between port pairs, the release added.

The stock opened at Rs 330 and touched a high of Rs 340. At 10:10am, over 32,000 shares were traded on both the stock exchanges.

Source: Business Standard 

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