Allcargo Logistics continues to rally on US acquisition

MUMBAI: Allcargo Logistics surged higher for a second straight session after announcing the acquisition of US-based logistics firm Econocaribe Consolidators last week.

The stock rallied 6.84 per cent intraday to touch a high of Rs 106.10. It had rallied over 10.6 per cent in the previous session.

The company’s step-down wholly owned subsidiary Ecuhold has acquired 100 per cent stake in US-based logistics company Econocaribe Consolidators.

With headquarters in Miami, Florida, Econocaribe Consolidators has nine offices in the US and 22 receiving terminals throughout the US and Canada, as well as partners across the world.

It specialises in freight consolidation and full container load service to Latin America, the Caribbean, Europe, the Mediterranean, Middle East, East Africa and Asia.

At 11:30 a.m.; the stock was at 102.90, up 3.63 per cent, on the BSE. It touched a high of Rs 106.10 and a low of Rs 101 in trade today.