Accuracy Shipping shares jump 30% in two days; here's what fueling the surge

Shares of Accuracy Shipping extended their gains on Friday as the stock surged 30 per cent in the last two sessions. The logistics firm has been buzzing at Dalal Street as the company is exploring growth options. The company is reducing its debts substantially and eyes to get debt-free status soon.

The stock jumped about 7 per cent to Rs 14 today, before giving up its gains partially. More than 6.5 lakh shares of the company exchanged hands on the NSE. The company's market capitalization stood a little less than Rs 201 crore. The scrip had settled at Rs 13.15 on Thursday.

The stock has extended its gains to more than 30 per cent from its close at Rs 10.70 on Wednesday. The stock has risen more than 360 per cent since March 2020.

Accuracy Shipping had returned to the black in the March 2023 quarter as the company reported a net profit of Rs 5.71 crore, compared to a net loss of Rs 4.5 crore in the year-ago period. The company's revenue from operations stood at Rs 177.55 crore in Q4FY23.

In February 2023, shares of Accuracy Shipping were split in a 1:10 ratio, implying that each share of the company with a face value of Rs 10 each, was subdivided into 10 equity shares with a face value of Re 1 each.

Accuracy shipping has a vast pan-India network, which enables it to provide hassle-free services across the board. It caters to diversified industries to accelerate growth and add new streams of revenue through backward and forward integration to strengthen logistical services.

The company has a presence across India with 14 offices and more than 60 agency agreements across the globe to cater to the growing logistical needs for cross-border transactions. Also read: IndusInd Bank shares hit 52-week high Morgan Stanley raises target price

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