Under Rs 260: Small-Cap Shipping Company Secures Rs 10.23 Crore Order from Chennai Port Authority – Keep This Stock on Your Radar for Tomorrow!

The company’s shares have delivered an impressive return over 75 per cent to its shareholders.

The Small-Cap shipping company has secured a contract from Chennai Port Authority for the hiring of one newly built, high-speed patrol boat with a speed of 20 knots. The contract is for 5 years, with an option to extend for an additional 2 years. The total contract value is approximately Rs 10.23 crore (inclusive of GST) for the 5 years. The vessel is intended for new construction and chartering, showcasing a commitment to self-reliant maritime capabilities.

The patrol boat, built under the Atmanirbhar Bharat Abhiyan initiative, adheres to the Indian Register of Shipping (IRS) and International Association of Classification Societies (IACS) guidelines.

Today, the shares of ABS Marine Services Ltd closed at around at Rs 255 and the current market capitalization stands at Rs 626 crore. Additionally, the shares have delivered an impressive return of over 70 per cent compared to its final IPO price of Rs 147 each.

The company has not announced its latest quarterly or half-yearly results. Looking at the annual performance, the company generated a revenue of Rs 135 crore in FY24 compared to Rs 111 crore. The operating profit for FY24 was Rs 45 crore compared to Rs 28 crore with a net profit of Rs 25 crore compared to a profit of Rs 10 crore in FY23.

Founded in October 1992, ABS Marine Services Ltd specializes in ship management, vessel ownership, marine services, and project management. The company has established itself as a key player in the maritime industry, offering a range of services tailored to meet the needs of its clients in the shipping and marine sectors.

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