Shreyas soars over 10% on stake buy

MUMBAI: Shares of Shreyas Shipping & Logistics soared over 10 per cent on news that the company has acquired 51 per cent stake in Sri Lankan transportation and freight forwarding company, Haytrans Ltd, making it a subsidiary.

At 11:43 AM. Shreyas shares were up 10.19 per cent at Rs 99.50 on BSE, with volume traded at 25,205 against two-week average of 4,978 shares.

Haytrans’ presence in international freight forwarding, industry competence and strategically developed worldwide air freight and ocean freight network would enhance Shreyas’ logistics business resulting in synergy in operations, said the company in a release to BSE. It will also help target international locations including China and Russia.

Shreyas is a private sector container feeder operator, which runs ships on shorter routes linking various Indian ports to other larger ports such as Colombo, Singapore and Dubai.