By Malvika Gurung
Investing.com -- Shares of the logistics services provider Seacoast Shipping Services (BO:SEAV) were last seen trading 4.4% higher at Rs 3.56 apiece after surging 7.33% earlier in Monday’s session, hitting the day’s high at Rs 3.66 apiece.
The penny stock zoomed after the company announced that it signed a new business contract with Maria Shipping Fze., Dubai, on Feb 20, 2023.
The small-cap company said in a press release on Monday that it has signed a new business contract with Maria Shipping Fze., Dubai at 10 am, and shall provide the Shipping and Logistic Services at Dubai starting April 1, 2023.
As per the nature of the business contract, Seacoast Shipping Services will provide its services for a period of one year, and the same can be renewed further.
“This new contract marks an important milestone for our company and is a testament to our commitment to providing high-quality services,” said Seacoast Shipping’s MD Manishkumar R. Shah.
The new contract shall translate to an additional revenue of around Rs 100 crore per annum for the leading global dry bulk operator and logistic solution provider company.
“We are confident that this partnership will bring mutual benefits to both our companies and look forward to a successful collaboration. We remain committed to upholding the highest standards of quality, professionalism, and integrity throughout the duration of the contract,” Shah added.