Sical Logistics Shares Hit Upper Circuit on Rs 4,038-Crore SECL Deal

Shares of Sical Logistics Ltd hit a 5% upper circuit on 13th January. This occurred after the firm said on Monday (12th January) that it had received a letter of acceptance from South Eastern Coalfields Ltd (SECL). The project’s valued at Rs 4,038 crore, including GST. The contract pertains to the Porda Chimtapani open-cast project in Raigarh, Chhattisgarh.

A domestic entity has been awarded the contract. They will execute the project over 4,214 days, with Sical Logistics carrying it out in accordance with the tender specifications.

The company clarified that its promoter, promoter group, and group companies have no interest in SECL. Furthermore, the contract does not constitute a related party transaction.

Sical Logistics’ major operations include mining projects for Northern Coalfields Ltd in Madhya Pradesh and Mahanadi Coalfields Ltd in Odisha.

The company also owns and operates a cutter suction dredger. It is currently deployed on the east coast of India for dredging operations at Ramayapatnam Port.

In 2022, Sical completed a dredging project for the construction of an ONGC pipeline in Yanam, Puducherry.

Beyond mining and dredging, Sical has expanded into container freight stations, warehousing, and third-party logistics (3PL) services.

At 11:28 AM, shares of Sical Logistics were locked in a 5% upper circuit at Rs 89.56 on NSE.

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