Shipping stock under Rs 35: Heavy Buying witnessed, stock rallied 10 per cent and hits upper circuit today, Company to announce its results on May 28!

Shares of the company have gained more than 250 per cent in the last one year.

Shares of Essar Shipping which is in the business of fleet operating and chartering activities and operates in international and coastal voyages were locked in the upper circuit on Thursday, gaining 10 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. The stock has gained more than 80 per cent in the last six months.

According to the Quarterly Results, in Q3 FY24, the company reported a revenue of Rs 3 crore, representing a de-growth of 82 per cent, and a net loss of Rs 41 crore. In FY24, the company reported a revenue of Rs 61 crore and a net profit of Rs 1,650 crore, compared to a net loss of Rs 78 crore in the previous year.

According to the shareholding pattern of the company, promoters hold 73.75 per cent of the company FIIs hold 0.04 per cent and DIIs hold 0.02 per cent while public investors hold 26.19 per cent as per the recent update.

Essar Shipping Limited is an India-based integrated logistics services company. The company is engaged in the businesses of sea transportation, logistics services, and oilfield services. The company’s segments include fleet operating and chartering. It operates international and coastal voyages. Its geographical segments include India, Singapore, Cyprus, the United Arab Emirates, the United Kingdom, Switzerland, Taiwan, Kuwait, Denmark, and Bangladesh. It has also directly and through its subsidiaries and associates invested in diverse business verticals, such as fleet operating and chartering (tankers and dry bulkers), oilfield services (land rigs and semi-submersible rigs), and logistics services (trucks, trailers, and tippers). It also provides sea transportation, logistics services, and oilfield services to Arkay Logistics Limited and Essar Bulk Terminal Limited. Its subsidiaries include OGD Services Holdings Limited, Energy II Limited, and Essar Shipping DMCC.

Investors must keep this micro-cap stock on their radar. It has great potential to deliver multibagger returns in the future.

Disclaimer: The article is for informational purposes only and not investment advice.