NSEShares of Allcargo Gati Ltd. declined 10% on Tuesday and are trading close to their 52-week low of ₹90.
The stock has now declined in five out of the last six trading session.The company on Tuesday released its monthly volume updates for May.
"The proceeds from the QIP will be invested towards technology, infrastructure and deleveraging the balance sheet, paving way for strong growth of the company," the company said in a release to the exchanges.
The stock has also been an underperformer so far in 2024, having declined 20%.The only two analysts who have coverage on Allcargo Gati have a "buy" rating on the stock.
In fact, brokerage firm Nuvama has a price target of ₹163 on the stock.Shares of Allcargo Gati are trading 10% lower at ₹100.3.
NSE
Shares of Allcargo Gati Ltd. declined 10% on Tuesday and are trading close to their 52-week low of ₹90. The stock has now declined in five out of the last six trading session.The company on Tuesday released its monthly volume updates for May. The total volume, including surface and air express, stood at 103 kt, which is an increase of 5% from May last year and an increase of 6% compared to April of this year.Volumes continue to remain buoyant on account of sales accretion initiatives, coupled with improved service parameters.Allcargo Gati recently raised ₹169.28 crore through the sale of shares to eligible institutions through the QIP."The proceeds from the QIP will be invested towards technology, infrastructure and deleveraging the balance sheet, paving way for strong growth of the company," the company said in a release to the exchanges. The funds raised will also strengthen the company's financial position and support growth initiatives.Macquarie Bank, BoFA Securities Europe, Goldman Sachs, SBI General Insurance were some of the major names who were issued shares in this QIP.With Tuesday's drop, the stock has given up all the gains it had made during the month gone by. The stock has also been an underperformer so far in 2024, having declined 20%.The only two analysts who have coverage on Allcargo Gati have a "buy" rating on the stock. In fact, brokerage firm Nuvama has a price target of ₹163 on the stock.Shares of Allcargo Gati are trading 10% lower at ₹100.3.
