Business Standard

Allcargo Logistics soars 9% on healthy volumes

Recently, the company's arm Allcargo Supply Chain Private Limited (ASPL) said would be expanded its warehouse space by adding 3 million square feet in the next two-three years.

share market

SI Reporter Mumbai

Listen to This Article

Shares of Allcargo Logistics zoomed 9 per cent in intra-day deals on Thursday to a high of Rs 87.85 on heavy volumes in an otherwise volatile market.

At 1:05 pm, the stock traded with a gain of 7 per cent at Rs 85.80, on volumes of around 9.46 lakh shares as against the two-week average volume of around 5.30 lakh shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.1 per cent at 72,383.

In its monthly business update on Tuesday, the company reported a marginal 3 per cent dip in shipping volumes on a month-on-month basis owing to disruptions in Red sea. The decline in volume was witnessed in Latin America, Europe and America.

Earlier this week, Allcargo Group's logistics arm Allcargo Supply Chain Private Limited (ASPL) announced its expansion plan, by way of adding 3 million square feet of warehousing space in the next two-three years.

Currently ASPL operated with 6 million sq ft of space; the company said in the initial phase of expansion, it plans to begin from the north and south regions.

"With modern infrastructure and advanced Warehouse Management Systems (WMS), our warehouses will optimize the process of moving and storing goods while adhering to all required compliances," said Sushil Rathi, Director at ASPL.

For the quarter ended December Allcargo Logistics had a 91.9 per cent fall in net profit at Rs 3.18 crore as against Rs 39.03 crore in the corresponding quarter a year ago. Total income was down 22.9 per cent year-on-year (YoY) at Rs 410.05 crore from Rs 531.76 crore.

Last year in November 2023, the company had declared a liberal bonus issue in the ratio of 3.1; i.e. three free shares for every single share held by the shareholders. The stock turned ex-bonus on January 02, 2024.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 29 2024 | 1:21 PM IST

Explore News