Allcargo Logistics rallies 11% on acquisition of US-based company

MUMBAI: Shares of Allcargo Logistics rallied in trade today after its step-down wholly owned subsidiary Ecuhoid acquired 100 per cent stake in US-based logistics company Econocaribe Consolidators.

The stock ended at Rs 100, 11.42 per cent, on the BSE. It touched a high of Rs 101.50 and a low of Rs 87.05 in trade today.

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

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