Balmer Lawrie rises on plans to invest in logistics infrastructure biz

The company plans to set up Multi-modal Logistics Hub at Vizag and also set up of temperature-controlled warehouses at different locations

Shares of Balmer Lawrie were up over 2% at Rs 577 on the Bombay Stock Exchange after the company announced that it plans to invest Rs 400 crore in its logistics infrastructure business in the next 24-36 months.

The company plans to set up of Multi-modal Logistics Hub at Vizag, a project under the MoU signed by the Company with Visakhapatnam Port Trust, the company said in a release.

Further, the company also plans to set up of temperature-controlled warehouses at different locations in phases.

Finally, the company plans to revive Transafe Services Ltd., a joint-venture of the Company which has been referred to the Board for Industrial and Financial Reconstruction, the release added.

The stock opened at Rs 567 and touched a high of Rs 586. At 12:40PM, over 37,000 shares were traded on both the stock exchanges.