Navkar Corporation Ltd board approves expansion plan

The Board of Directors of Navkar Corporation Ltd at its meeting held today at 04:00 PM and concluded at 05:00 PM., reviewed the long term strategies and expansion plan of the Company and based on the review, the Board of Directors of the Company considered and approved the setting up of Inland Container Depot and Private Freight Terminals near Mundra or Pipava or Northern Maharashtra ('Project') subject to receipt of requisite approvals and clearances. This will lead to one more step in the directions of establishing presence of the Company in Gujarat or Northern Maharashtra.

The cost of the Project is estimated up to Rs. 300 Crore and it will be completed approximately within 36 months from date of commencement of development subject to receipt ofrequisite approvals and clearances. The project configuration and cost includes setting up ofinland container depot, private freight terminals, logistics supports, acquisition of lands, equipment's, and railway wagons etc.

The combined capacities in terms of handling of containers is 10,09,500 TEU's per annum in respect of all three CFS's of company situated in Maharashtra alongwith one ICD in Gujarat.

In FY 20-21, the total number of containers handled is 3,48,458 TEU's. Apart from this, the major portion of notified atea of customs is used for providing the transportation and handling of domestic cargo. This business volume cannot be measured ln terms of number of TEU's handled. Overall, the actual capacity utilization is around 65-70% of total capacity installed.

Shares of Navkar Corporation Ltd was last trading in BSE at Rs. 51.4 as compared to the previous close of Rs. 53.2. The total number of shares traded during the day was 218239 in over 2010 trades.

The stock hit an intraday high of Rs. 54 and intraday low of 50.7. The net turnover during the day was Rs. 11363276.

Source : Equity Bulls

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