Shares of Allcargo Logistics soared up to 11.59 per cent at Rs 68.65 per share on the BSE in Tuesday’s intraday trade. This came after the company on Monday released its monthly business figures.
In July 2024,the company’s LCL (Less than Container Load) volume reached 818,000 cubic metres, matching its highest-ever monthly volume recorded in August 2022. This represents a 6 per cent increase from the previous month and a 5 per cent rise compared to July 2023.
The company attributed its steady volume growth to improved global trade and the company’s growth initiatives, with expectations for continued momentum throughout the year.
The company said that freight rates are expected to remain high until the end of the peak season, supported by increased volumes across major regions including the USA, Latin America, Europe, Asia Pacific, and the Middle East.
In July 2024, FCL (Full Container Load) volumes remained stable compared to the previous month but grew by 7 per cent compared to July 2023. While FCL volumes have generally been flat, there were marginal declines observed in China, Vietnam, and Mexico, with increases in India, Turkey, and the UAE, the company noted in its monthly data release.
The company has a total market capitalisation of Rs 6,590.54 crore. Its shares are trading at a price to earnings multiple of 750.13 times with an earning per share of Rs 0.02.
The share price of the company has dropped 18.4 per cent year to date, while it has remained flat in the last one year.
At 01:03 PM; the shares of the company were locked in the 9.01 per cent circuit at Rs 67.06 per share on the BSE. By comparison, the BSE Sensex was up by 0.62 per cent to 80,920 levels.
The company is a leading multinational firm specialising in integrated logistics solutions, offering services in Multimodal Transport Operations, Inland Container Depot & Container Freight Station Operations, and Project & Engineering Solutions.
It conducts Contract Logistics business through its joint venture, Avvashya CCI Logistics Private Limited. Its Multimodal Transport Operations (MTO) segment includes Non-Vessel Owning Common Carrier (NVOCC) operations, handling less than container load (LCL) consolidation and full container load (FCL) forwarding activities both in India and globally through ECU Worldwide Group’s overseas subsidiaries.
First Published: Aug 20 2024 | 1:10 PM IST
