"Allcargo Global Logistics" >ties-up with "Concor"

Concor tie-up lifts Allcargo Global Logistics

Allcargo Global Logistics gained 1.57% to Rs 813.80 at 11:51 IST on BSE, after the company said it has entered into a joint venture agreement with Container Corporation of India to set up a container freight station and inland container depot in UP.

The company made this announcement after market hours on Tuesday, 26 February 2008.

Meanwhile, BSE Sensex was up 288.83 points or 1.62% to 18,095.02, on positive cues from the global markets. Asian stocks surged today after weak US economic data and comments from a Federal Reserve official signaled that US interest rates will continue to head lower. Fed Vice Chairman Donald Kohn said on Tuesday, 26 February 2008, that a weak US economy was a bigger worry than higher inflation risks.

On BSE, 1,056 shares were traded in the counter. The scrip had an average daily volume of 33,089 shares in the past one quarter.

The stock hit a high of Rs 814 and a low of Rs 805 so far during the day. The stock had a 52-week high of Rs 1145 on 27 February 2007 and a 52-week low of Rs 609.80 on 22 January 2008.

The mid-cap scrip had outperformed the market over the past one month till 26 February 2008, gaining 0.93% compared to the Sensex’s decline of 1.91%. It had underperformed the market in the past one quarter, declining 12.20% compared to Sensex’s decline of 5.98%.

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

The current price of Rs 813.80 discounts its Q4 December 2007 annualized EPS of Rs 20.32, by a PE multiple of 34.90.

The joint venture is expected to commence operations by January 2009.

Container Corporation of India (Concor), a central government public sector undertaking under Ministry of Railways is primarily engaged in container rail transportation business, inland container depot (ICD) operations, warehousing and road transportation. Concor also provides transit warehousing for Exim (export and import) cargo, bonded warehousing and provides air cargo facilities.

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.

Allcargo Global Logistics’ net profit declined 24.9% to Rs 10.29 crore on 0.8% growth in net sales to Rs 85.85 crore in Q4 December 2007 over Q3 December 2006.