Allcargo Logistics surged 4.93% to Rs 104.20 at 11:07 IST on BSE, with the stock extending Friday's 10.64% rally triggered by the company acquiring 100% stake in US-based logistics company, Econocaribe Consolidators.
Meanwhile, the S&P BSE Sensex was down 229.44 points or 1.16% at 19,497.83.
On BSE, 6,446 shares were traded in the counter as against average daily volume of 12,038 shares in the past one quarter.
The stock rose as much as 6.84% at the day's high of Rs 106.10 so far during the day. The stock rose 1.71% at the day's low of Rs 101 so far during the day. The stock had hit a 52-week high of Rs 151.75 on 22 February 2013. The stock had hit a 52-week low of Rs 60 on 6 August 2013.
The stock had outperformed the market over the past one month till 27 September 2013, surging 44.02% compared with the Sensex's 9.79% rise. The scrip had also outperformed the market in the past one quarter, jumping 10.33% as against Sensex's 4.51% rise.
The small-cap company has equity capital of Rs 25.50 crore. Face value per share is Rs 2.
Shares of Allcargo Logistics have surged 16.1% in two trading sessions from Rs 89.75 on 26 September 2013, after the company during trading hours on Friday, 27 September 2013 said that the company through its step down wholly owned subsidiary Ecuhold NV acquired 100% stake in US-based logistics company, Econocaribe Consolidators. The stock had rallied 10.64% to settle at Rs 99.30 on Friday, 27 September 2013.
Econocaribe Consolidators, established in 1968, is the third largest Less then Container Load (LCL) consolidator in the United States. With its headquarters in Miami, Florida, Econocaribe has 9 offices in the US and 22 receiving terminals throughout the US and Canada, as well as partners across the world. Econocaribe Consolidators specializes in freight consolidation and Full Container Load (FCL) services to Latin America, the Caribbean, Europe, the Mediterranean, the Middle East, Africa and Asia. They also offer import LCL/FCL transportation services from around the world into the United States and Puerto Rico.
Ecu Line offices has been working since last six years in the United States, engaging Econocaribe Consolidators as its agent. Allcargo Logistics said that the acquisition now enables Ecu Line to complete its service offerings, both in terms of global capabilities and coverage. The acquisition also increases Ecu Line's foot hold in the US market, which will facilitate growth into and out of US market and rest of the world being the largest economy in the world.
Allcargo Logistics' consolidated net profit declined 32.9% to Rs 38.66 crore on 0.4% growth in net sales to Rs 978.90 crore in Q1 June 2013 over Q1 June 2012.
Allcargo Logistics provides integrated logistics solutions. The company offers specialized logistics services across multimodal transport operations, container freight station operations and project & engineering solutions.
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