Small Cap Shipping Co To Acquire vessel 'SEA DIAMOND’, Shares Up 42% In 1-Month

Small cap company operating in shipping sector Seamec Ltd has today inked a memorandum of understanding (MoU) with Ships & Boats Oil Services for the purchase of vessel "SEA DIAMOND". The purchase price of the Vessel will be USD 7,000,000/- (United States Dollars Seven Million Only), according to the BSE filing of the company. Seamec Ltd shares gained 31% in last 2-weeks only and 42% in last 1-month. Current market price of Seamec stock on BSE is Rs 900.85 per share with intraday gain of 2.44%. Check details below:

Seamec Ltd Inks MoU With Ships & Boats Oil Services To Acquire SEA DIAMOND: According to the BSE filing of the company dated today, "Further to our earlier intimation of dated 6th November, 2023, we wish to inform you that the Company has entered into a Memorandum of Agreement (MOA) with Ships & Boats Oil Services, dated 17th November, 2023 for Purchase of Vessel "SEA DIAMOND".

The Purchase Price of the Vessel will be USD 7,000,000/- (United States Dollars Seven Million Only). The acquisition will be around the second week of December, 2023 upon completion of required formalities, added the regulatory filing.

Seamec Stock Performance & Return: Current market price of Seamec share on BSE is Rs 900.85 apiece. Its 52-week high price is Rs 1100.00 per share and 52-week low price is Rs 563.30 per share, respectively. The company has a market capitalisation of Rs 2290.41 crore. In last 3-months, Seamec shares offered shareholders return of 32%. Seamec shares soared 24% in last 6-months, fell 8% in last 1-year, and declined 18% in last 2-years. Seamec stock surged 126% in last 3-years and rose 309% in last 5-years.

Seamec Financial Performance: The company for the quarter ended September 30, 2023 declared its net sales at Rs 67.38 crore, down 10.64% as against Rs 75.40 announced in the corresponding period of last year. Its quarterly net profit declared at Rs 2.04 crore for September quarter, down 87.31% from Rs 16.07 crore declared in the same quarter of last year. The company declared the EBITDA at Rs 30.94 crore for September 2023 period, down 33.39% as against Rs 46.45 crore announced in September 2022. EPS came down to Rs 0.80 in September 2023 from Rs 6.32 in September 2022.