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The announcement was made after market hours yesterday, 23 May 2016.
Meanwhile, the S&P BSE Sensex was up 75.99 points or 0.3% at 25,306.35.
On BSE, so far 1.10 lakh shares were traded in the counter as against average daily volume of 20,238 shares in the past one quarter. The stock hit a high of Rs 360 so far during the day. The stock had hit a record high of Rs 478.70 on 1 September 2015. The stock had hit a 52-week low of Rs 275.60 on 3 June 2015. The stock had underperformed the market over the past one month till 23 May 2016, sliding 3.29% compared with Sensex's 2.35% fall. The scrip had, however, outperformed the market in past one quarter, surging 26.23% as against Sensex's 7.78% rise.
The mid-cap company has equity capital of Rs 91.24 crore. Face value per share is Rs 10.
VRL Logistics' promoters Vijay Sankeshwar and Anand Sankeshwar informed the board of directors of the company that they are currently proposing to enter the civil aviation industry by incorporating a separate company to undertake the business of a regional airline. The promoters said that they have taken this in-principle decision after a lot of study and inputs from industry experts. They intend to promote this new airline and induct a professional management to manage the day to day operations and grow this business, the statement said. The promoters said that they may seek to dilute a portion of their stake in VRL Logistics in order to provide them with liquidity to enable their investment for the aviation venture. Such dilution will be undertaken in accordance with all applicable laws and subsequent to the same, they will continue to hold a majority stake in the company, the statement said.
Vijay Sankeshwar and Anand Sankeshwar held 34.84% and 34.27% stake respectively in VRL Logistics as on 31 March 2016.
VRL Logistics' net profit declined 31.8% to Rs 13.21 crore on 4.5% growth in net sales to Rs 411.92 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 23 May 2016.
VRL Logistics is one of the leading pan-India surface logistics and parcel delivery service providers.
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