Rohini Nilekani’s Smallcap Portfolio acquired 8,13,375 shares, representing 0.62% stake, at Rs. 105.21, according to NSE Block Deal data.
Earlier, on July 2, Allcargo had moved through a Qualified Institutional Placement (QIP) of Rs. 169.28 crore was collected. The proceeds will be invested in technology, infrastructure and balance sheet deleveraging to support the company’s growth initiatives and strengthen its financial position.
According to Trendlyne data, the average target price of the stock is Rs. 131, indicating a potential upside of 20% from the current market price. The stock has received a ‘Strong Buy’ recommendation from one analyst.
From a technical point of view, Allcargo Gati’s Relative Strength Index (RSI) is at 63.3, indicating that it is neither overbought nor oversold. The stock is currently trading above its 10-day, 20-day, 30-day, 50-day, 100-day and 150-day simple moving averages (SMAs).
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In the June quarter, AllCargo Gati reported a 4% year-on-year decline in revenue, from Q1FY24 to Rs. 428.37 crore as against Rs. 410.9 crore was posted. Respectively, the revenue in the March quarter of FY24 was Rs. 409.55 crore slightly down.
In the June quarter, the company’s consolidated net loss fell 21% to Rs. 2.17 crore, which in the same period last year was Rs. 2.75 crore less than the net loss. Sequentially, net loss declined significantly by 64.82% in Q4FY24 to Rs. 6.17 crore to Rs. 2.17 crores.
Allcargo Gati is a Hyderabad-based logistics company, operating as part of the Allcargo Group, one of India’s leading integrated logistics service providers. The company offers a wide range of logistics services including multimodal transportation, warehousing, supply chain management and express distribution.
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)
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