Allcargo Logistics up over 10% on buzz of Blackstone selling shares in co

Shares of Allcargo Logistics advanced as much as 10.47 per cent in Wednesday’s trade on reports that Blackstone has sold entire holding of close to 3 crore shares via a block deal in the logistics solution provider.

The scrip was trading 8.14 per cent up at Rs 194.70 around 1.20 pm (IST). Shares of the company opened at Rs 181 and touched an intraday high and low of Rs 198.90 and Rs 180, respectively, in trade so far. Benchmark BSE Sensex was up 156.16 points, or 0.52 per cent, up at 30,099 at around the same time.

On the BSE, 4.03 crore shares were traded on the counter so far as against the average daily volumes of 49,000 shares in the past two weeks.

The stock had hit a 52-week high of Rs 221.60 on August 1, 2016 and 52-week low of Rs 143.30 on May 19, 2016.

For the quarter ended December 31, 2016, the company reported a net profit of Rs 49.18 crore, down 9.61 per cent, against Rs 54.41 crore in the corresponding quarter last year. Net sales of the company jumped 5.96 per cent year-on-year to Rs 1405.16 crore for the quarter under review.