Snowman Logistics surges 5% on bagging IKEA deal

NEW DELHI: Shares of Snowman Logistics surged over 5 per cent on Tuesday after the company bagged an exclusive deal from IKEA, the global home furnishing retail major, to manage backend operations of its in-store restaurants business in India.

Following the development, the stock gained 5.60 per cent to Rs 52.80 on BSE. It opened at Rs 50.75 and touched an intraday high and low of Rs 54.40 and Rs 50.75 respectively.

"We have bagged this deal for all IKEA’s national in-store restaurants. It would be for the first time that Snowman will be providing services beyond logistics," ET reported Sunil Nair, CEO, Snowman Logistics as saying.

"This deal would boost our revenue by FY19, he added."

Snowman Logistics is an integrated temperature controlled logistics service provider for backend support to reputed brands like KFC, Subway, Domino’s, Café Coffee Day (CCD) and others.

The scrip touched its fresh 52-week high of Rs 70.50 on October 19, 2016 and its 52-week low of Rs 46 August 11, 2017.