Shares of Patel Integrated Logistics surged 20 per cent today amid reports that e-commerce firm Amazon has signed a deal with the company for domestic deliveries.
Following the buzz, stock of Patel Integrated soared 19.98 per cent to settle at Rs 54.05 -- its 52-week high on the BSE.
At the NSE, the scrip zoomed 20 per cent to touch its one- year high of Rs 54.30.
As per media reports, Amazon has entered into an air cargo alliance with Patel Integrated Logistics as part of ensuring next-day delivery to more customers across the country.
Meanwhile, in a clarification to the BSE, the company said, "there is no exclusive tie up with Amazon India but this is a regular business dealings with them like any other customers which deals with the company."
"...Our commercial relationship with Amazon India is non- exclusive and a purely customer to vendor based relationship like our other regular customers with whom we are dealing with. There were no negotiation of any nature besides rates as we share with any other customer in course of our normal business," the company said.
Further with Amazon, we have a regular business contract for the last 5-6 months and there is an relationship as a regular customer only. There is no financial or non financial special arrangement in any manner is entered into with Amazon other than vendor to customer relationship, it noted.
"We also have no information announcement to make with respect to the company's operation / performance which may have bearing on the price/volume behaviour of the company's share," the filing added.
Meanwhile, shares in other logistics companies also saw buying interest. Blue Dart Express was up 2.56 per cent and Snowman Logistics rose by 1.33 per cent on the BSE.
