Allcargo Global Logistics speeds up on fund raising plan

Allcargo Global Logistics speeds up on fund raising plan

Allcargo Global Logistics was up 7.33% at Rs 767.30 at 11:26 IST on BSE after its board approved raising Rs 240 crore from private equity firm Blackstone through issue of shares, debentures and warrants.

The company made this announcement after market hours on 19 February 2008.

Meanwhile, BSE Sensex was down 334.57 points or 1.85% to 17,737.89, on weak cues from the global markets.

On BSE, 22,327 shares were traded in the counter. The scrip had an average daily volume of 20,028 shares in the past one quarter.

The stock hit a high of Rs 780 and a low of Rs 735.40 so far during the day. The stock had a 52-week high of Rs 1,198 on 19 February 2007 and a 52-week low of Rs 609.80 on 22 January 2008.

The mid-cap scrip had underperformed the market over the past one month till 19 February 2008, declining 6.25% compared to the Sensex’s return of 2.67%. It had also underperformed the market in the past one quarter, declining 22.8% compared to Sensex’s decline of 2.83%.

The company’s current equity is Rs 20.26 crore. Face value per share is Rs 10.

The current price of Rs 767.30 discounts its Q4 December 2007 annualized EPS of Rs 20.32, by a PE multiple of 37.76.

Allcargo Global Logistics' net profit declined 24.9% to Rs 10.29 crore on 0.8% rise in sales to Rs 85.85 crore in Q4 December 2007 over Q4 December 2006.

Allcargo provides logistics service in India. Its present operations are in five key areas of the logistics business: multi-modal transport operations, container freight stations, project cargo handling, airfreight and transport logistics.