Heavy Buying: Penny Stock from Shipping Industry Rallies 20 Per cent and Hit Upper Circuit Today!
The company’s shares have delivered an impressive return of around 30 per cent in just 1 week.
This micro-cap company is engaged in clearing and forwarding as well as transportation services. It operates at 4 seaports in Gujarat: Mundra, Hazira, Kandla, and Pipavav. The company currently manages a fleet of 9 owned commercial trailers for moving containers and also hires third-party transport operators to meet customer shipping demands.
Today Cargotrans Maritime's shares have rallied 20 per cent and hit the upper circuit with significant volumes. The reason may be due to the company is planning to raise funds.
The meeting of the Board of Directors is scheduled for Monday, 11th November 2024, to consider and evaluate a proposal for raising funds by the company through one or more permissible mechanisms as deemed appropriate by the Board. This may involve the issuance of equity shares and/or other securities, including share warrants and/or any other equity-based instruments/securities, through a preferential issue on a private placement basis or any other permissible mode or combination thereof, subject to the receipt of relevant approvals as required.
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At the start of the day's trading session, shares of Cargotrans Maritime opened at Rs 72.96 per share, compared to the previous day's closing figure of Rs 68 per share on the BSE. Currently, the shares are at Rs 81.60 per share. The stock has rallied 20 per cent today and hit the upper circuit, reflecting strong demand in the market. The company's current market capitalization stands at Rs 33.29 crore, and the stock has generated an impressive return of around 30 per cent in the past 1 week.
The company doesn’t announce Quarterly Results and as per the half-yearly results in March 2024, Cargotrans Maritime recorded a revenue of Rs 28.58 crore compared to Rs 29.49 crore. The operating profit for the period stood at Rs 0.84 crore. The net profit stood at Rs 0.58 crore compared to a profit of Rs 0.54 crore. Looking at the annual performance, the company generated a revenue of Rs 61.70 crore in FY24, compared to Rs 69.61 crore in FY23. The operating profit for FY24 was Rs 2.415 crore with a net profit of Rs 1.78 crore.
According to the shareholding pattern of Cargotrans Maritime, promoters own a 73.53 per cent stake, while public investors hold 26.47 per cent.
Investors must keep this micro-cap stock on their radar.