Mahindra Logistics gains 9% on warehouse deal with LOGOS
The share touched a 52-week high of Rs 819.15 and a 52-week low of Rs 369.65 on 30 August, 2021 and 22 December, 2020, respectively.
December 02, 2021 / 09:56 AM IST
Mahindra Logistics share price scaled 9 percent to Rs 728.85 in the early hours of trade on December 2 after the company entered into a long-term lease agreement with LOGOS.
“Mahindra Logistics announced a long-term lease agreement for 1.4 million square feet (mmsf) of warehouse facilities at the LOGOS Luhari Logistics Estate in Delhi NCR. The transaction represents India’s largest warehousing facility in a single park,” the company said in a release.
According to the agreement, LOGOS will develop three Grade-A warehouses sprawled over 1.4 mmsf for MLL. The first 0.5mmsf warehouse, which was completed in mid-2021, is fully operational and the other two are under development with scheduled delivery in late 2021 and early 2022, company said.
“Continuing our efforts in growing our warehousing business, we are delighted to announce the launch of Luhari Warehousing Facilities in partnership with LOGOS. Our focus remains on providing integrated, customised solutions for inbound and fulfillment and the warehousing network is a key element,” said Rampraveen Swaminathan, Managing Director and CEO, Mahindra Logistics.
“We look forward to continued business growth from the existing as well as potential customers across regions. These new facilities set a benchmark in terms of sustainability,” he said.
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At 9:37am, Mahindra Logistics was quoting at Rs 723.15, up Rs 56.60, or 8.49 percent, on the BSE. The share touched a 52-week high of Rs 819.15 and a 52-week low of Rs 369.65 on August 30, 2021 and December 22, 2020, respectively.
It is now trading 11.72 percent below its 52-week high and 95.63 percent above its 52-week low.