Logistics stocks back into action; Patel Integrated Logistics soars 20%

Gati, Allcargo Logistics, Sical Logistics and Snowman Logistics have rallied between 3-5% on BSE.

Shares of logistics companies back into actions on the bourses by gaining up to 20% on back of heavy volumes.

Patel Integrated Logistics, Gati, Allcargo Logistics, Sical Logistics and Snowman Logistics have rallied between 3-20% on BSE. The benchmark S&P BSE Sensex was down 0.81% at 27,605 points at 1514 hours.

Patel Integrated Logistics soared 20% to Rs 149, also its record high on BSE. A combined 2.71 million shares changed hands against an average sub one million shares that were traded daily in past two weeks.

Since November 7, the stock zoomed more than 100% from Rs 73 after reported nearly four-fold jump in standalone net profit at Rs 1.03 crore for the quarter ended September 30, 2014.

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.

Allcargo Logistics has gained 5% to Rs 320 on back of over five-fold jump in trading volumes.

The management of the company believes growth momentum to continue in MTO (multimodal transport operations) segment, led by recovery in global trades and its widened geography reach spread across Asia, Europe and US.

Gati (up 5% at Rs 280), Sical Logistics (4% at Rs 160) and Snowman Logistics (up 3% at Rs 106) are among others rallied more than 3% in otherwise weak market.