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Mahindra Logistics settles flat on debut

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of Mahindra Logistics settled at Rs 429.15 on BSE, almost flat compared with its issue price of Rs 429 on its debut on the bourses today, 10 November 2017.

Meanwhile, the S&P Sensex has risen 63.63 points or 0.19% to settle at 33,314.56.

of Mahindra Logistics were listed on the bourses at Rs 432, a premium of 0.69% over the issue price of Rs 429. The stock had hit a high of Rs 433.95 and a low of Rs 416.55. On the BSE, 14.99 lakh were traded on the counter.

Mahindra Logistics' initial public offering (IPO) received bids for 10.71 crore shares compared with 1.93 crore shares on offer. The issue was subscribed 5.54 times. The price band for the IPO was fixed at Rs 425-429 per share. The issue opened on 31 October 2017 and closed on 2 November 2017.

On a consolidated basis, Mahindra Logistics' net profit rose 28.1% to Rs 46.07 crore on 29.2% growth in net sales to Rs 2666.59 crore in FY 2017 over FY 2016.

Incorporated in 2008, part of Mahindra Group (Mahindra & Mahindra), Mahindra Logistics (ML) is an end-to-end logistics solution and service provider. The logistics solution of the company includes transportation and distribution; warehousing, in-factory logistics and value added customised services to its clients. ML operates in two distinct business segments, supply chain management (SCM) and corporate people transport solutions (PTS).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 10 2017. 16:05 IST