Shares of Allcargo Logistics zoomed nearly 12 percent as investors cheered the company's healthy business update for the month of July. At 11:25 am on August 20, the stock was trading around 9 percent higher at Rs 66.98 on the National Stock Exchange (NSE).
In an exchange filing, the company informed that its LCL (less than container load) volume for July stood at 8.18 lakh cubic meters, a 6 percent month-on-month (MoM) increase and a 5 percent year-on-year (YoY) increase. The volume was similar to its highest-ever monthly volume recorded in August 2022.
Allcargo Logistics' combined surface and air express volume reached 1.08 lakh tonnes in July, marking an uptick from June 2024. This growth is attributed to early preparations for the upcoming festive season, which typically drives higher demand for logistics services.
The management anticipates continued growth as the festive season approaches, expecting this upward trend to persist.
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Allcargo Logistics is a multinational company engaged in providing integrated logistics solutions and offers specialised logistics services across multimodal transport operations, inland container depot, container freight station operations.
So far in 2024, Allcargo Logistics stock has fallen around 18 percent, underperforming benchmark Nifty 50, which gained over 13 percent during this period.
Over the past year, the stock has remained largely flat, gaining around half a percent. In comparison, Nifty gained over 27 percent during this period.
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