Allcargo Logistics stock soars 3%

The company's promoter Shashi Kiran Shetty has bought 12.29 lakh shares, or 0.5% equity, at Rs110 each. Shares of Allcargo Logistics soared 3% on the BSE in noon trade on Wednesday. The company's promoter Shashi Kiran Shetty has bought 12.29 lakh shares, or 0.5% equity, at Rs110 each. The stock is currently trading at Rs113.95, up Rs2.9, or 2.61%, from its previous close of Rs111.05 on the BSE. The scrip opened at Rs116.55 and has touched a high and low of Rs116.90 and Rs113.25, respectively. Allcargo is a global company with presence in 160+ countries. It operates out of three business verticals i.e. Multimodal Transport Operations (MTO), Container Freight Stations (CFS), and Project & Engineering Solutions (P&E). Its revenue breakup for Q4FY18 stood at 88% for MTO, 7% for CFS, and 5% for P&E. The MTO business involves LCL/FCL forwarding activities, while CFS provides storage/custom clearance services and P&E offers end-to-end logistics services. Recently, Allcargo has undertaken a capex of ~Rs500cr to build a logistics park in Haryana.

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