Gati, Patel Integrated Logistics fall on profit booking

Patel Integrated Logistics had rallied 82% while Gati zoomed 66% post September quarter results.

Shares of logistic companies like Gati and Patel Integrated Logistics have dipped up to 10% on profit booking after rallied more than 50% post September quarter results.

Patel Integrated Logistics has plunged 10% to Rs 120 on BSE. Since November 7, the stock zoomed 82% from Rs 73 to Rs 133 yesterday, after reported nearly four-fold jump in standalone net profit at Rs 1.03 crore for the quarter ended September 30, 2014. The company had profit of Rs 26 lakh during the same quarter last fiscal.

The company said it aim to increase the portion of revenue generated from e-commerce companies to 20-25% within two to three years from just 5% currently.

Gati too slipped nearly 8% to Rs 306 on BSE on back of heavy volumes. Till 1500 hours, a combined 4.34 million shares changed hands on the counter on NSE and BSE.

Since October 29, the stock soared 66% from Rs 199 to Rs 331 after it reported more than double consolidated net profit at Rs 12.49 crore for the second quarter ended September 30, 2014. The company had profit of Rs 5.76 crore in the corresponding quarter previous year.

While announcement of September quarter results, the company said it has sold a minority stake in its cold chain unit—Gati Kausar India Ltd—to Mandala Capital AG Fund Ltd and Mandala Agribusiness Investments II Ltd raising Rs 150 crore.

Mandala Capital manages private equity funds that invest in companies focused on the agribusiness sector within the Indian subcontinent.