Snowman Logistics on Thursday said it signed a Memorandum of Understanding (MoU) with Spicejet for jointly distributing COVID-19 vaccines across India and internationally.
Snowman and SpiceJet have signed a MoU for jointly engaging in storage, transportation, and distribution of Covid-19 vaccines from various manufacturers, across India and internationally, in the required temperature-controlled zones.
Snowman will handle the ground services such as transportation to/from manufacturers, warehouses, airports and consumption points, packing, storage & warehousing, in the required temperature zones, while SpiceJet will provide the air connectivity for temperature controlled distribution of the COVID-19 vaccines across India as well as internationally.
Meanwhile, Adani Logistics on Wednesday (9 December 2020), sold 8,85,043 shares (0.53% stake) of Snowman Logistics at an average price of Rs 58.17 each via bulk deal on the NSE.
Adani Logistics held 4.34 crore shares or 26% stake in Snowman Logistics as on 30 September 2020.
Snowman Logistics is engaged in the business of temperature controlled logistics including transportation by road, and distribution of products requiring a temperature controlled environment.
The company reported a standalone net profit of Rs 0.78 crore in Q2 FY21 as compared to a net loss of Rs 8.99 crore in Q2 FY20. Net sales during the quarter declined by 11.2% YoY to Rs 55.12 crore.
The scrip fell 1.81% to Rs 56.95, extending losses for third day in a row. The stock has lost 6.79% in three sessions from its recent closing high of Rs 61.10 recorded on 7 December 2020.
On a year-to-date (YTD) basis, the stock has added 33.69% while the benchmark Sensex has risen 11.08% during the same period.
Shares of SpiceJet fell 2.35% to currently trade at Rs 91.60.
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