Mahindra Logistics gains on expand warehouse facility in Nashik

In the last year, the stock has declined 5 percent against Nifty's 21 percent return during the same period.

Mahindra Logistics Limited was trading 1.5 percent higher early on January 29 after the company announced a 1 lakh sq ft expansion of its warehouse in Maharashtra’s Nashik.

The company also announced a new 3 lakh sq ft facility, taking it warehousing footprint to 5 lakh sq ft in Nashik. "This will be the largest warehousing space offered by any service-provider in the region,” the company said in an exchange filing on January 26.

"Nashik occupies a strategic position, serving as both an industrial and consumption cluster, thereby enriching the overall business ecosystem for companies. Our latest expansion in Nashik enables us to broaden our portfolio of integrated solutions for our clientele in the region,” managing director Rampraveen Swaminathan said.

At 9.30 am, the counter was trading at Rs 437 on the National Stock Exchange (NSE), up 0.9 percent from the previous close. In the past year, the stock has declined 5 percent against Nifty's 21 percent return.

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The new facilities will offer inbound logistics and distribution solutions for automotive, engineering goods, and consumer durables customers, incorporating technology-enabled and automated processes with end-to-end visibility, the company said.

The company recently revealed a plan to build a warehousing facility in Phaltan, near Pune, with an investment of Rs 170 crore. The 6.5 lakh square feet will be developed in two phases. The first phase, covering 3.5 lakh square feet, is expected to get operational by the end of 2024.

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