The proposed sale of entire 40.25 per cent stake of Gateway Distriparks in Snowman Logistics to Adani Logistics has been called off due to repudiation of the agreement by the acquirer, according to a regulatory filing.
The company remains committed to providing support for the storage and distribution of essential goods, especially food and pharmaceutical products, the company said in a filing to BSE.
HDFC Bank was the exclusive financial advisor to the company for this transaction.
The total income for the January-March quarter increased 15 per cent to Rs 59.80 crore as against Rs 51.82 crore for the same period in the previous year.
Snowman Logistics has reported a sales total income from operations of Rs 55.76 crore and a net profit of Rs 0.74 crore for the quarter ended Jun-2018
GEPL Capital is bullish on Snowman Logistics Ltd has recommended buy rating on the stock with a target price of Rs 76 in its research report dated 22 November 2017.
Snowman Logistics is in focus on the back of their Q2 results. The company had an operationally strong quarter. In an interview to CNBC-TV18, AM Sundar, CFO of the company discussed their Q2 performance.
Failure to cross 10,500 on a closing basis can trigger profit booking dragging the index lower to levels of 10,250-10,115. However, a close above 10,500 on good volumes can extend the up move to levels of 10,645-10,710.
Snowman will be the exclusive partner and extend support at pan-India level, as Ikea opens stores in various cities, a statement said.
Snowman Logistics is on radar after the news that it will provide logistics service for IKEA's food business. In an interview to CNBC-TV18, Sunil Nair, CEO of Snowman Logistics spoke at length about the agreement and gave his outlook for the future.
In an interview to CNBC-TV18, AM Sundar, CFO of Snowman Logistics spoke about the results and his outlook for the company.
Mitessh Thakkar of mitesshthakkar.com feels that Snowman Logistics may test Rs 65.
AM Sundar, CFO, Snowman Logistics in an interview to CNBC-TV18 shared his outlook for the company going forward.
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Prakash Gaba of prakashgaba.com feels that Adani Ports can climb to Rs 325 while he likes Snowman Logistics, Amara Raja Batteries and Balkrishna Industries.
It said the new warehouse is a multi-temperature facility designed to store products in temperature ranging from ambient to -25 degree centigrade with 10 chambers, 7 docks and ample refrigerated truck parking space.
In an interview with CNBC-TV18, AM Sundar, CFO of Snowman Logistics share of revenue from transportation is likely to fall from 50 percent to 30 percent in FY17.
Snowman Logistics has reported a net loss at Rs 2 crore for the quarter ended December 2016 against profit of Rs 5.1 crore, in the same quarter last fiscal.
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Mitessh Thakkar of miteshthacker.com is of the view that one may buy Glenmark Pharma, Snowman Logistics, BGR Energy and Suven Life Sciences and sell MRF.