The shares of this smallcap company fell around 2 percent after a well-known investment bank Goldman Sachs sold 5.92 lakhs shares in the company.
With a market capitalization of Rs. 2,715 crores, the shares of Mahindra Logistics Ltd started Monday’s trading session positively at Rs. 386 compared to the previous close of Rs. 381.25. The shares hit a low of Rs. 374.75, making a loss of around 2 percent and closed the day at Rs. 377.90 apiece.
Such negative movement in the share price was observed after the well-known international investment banker Goldman Sachs Funds, via Goldman Sachs India Equity Portfolio, sold 5.92 lakh shares, or 0.8 percent of the company, through an open market transaction at an average price of Rs. 376.19 per share. According to the BSE data, the investment bank entered the stock in the year 2017 by acquiring 15,07,797 shares equivalent to a 2.12 percent stake in the company.
Coming onto the company’s financial statements, the revenue increased marginally by 6 percent from Rs. 1,293 crores during the June quarter to Rs. 1,365 crores during the September quarter. On a contrasting note, the net loss of the company broadened from Rs. 8 crores to Rs. 16 crores during the same timeframe.
The company gets revenue from multiple sources, primarily through transportation contributing 67.43 percent to the company’s revenue. Furthermore, the company gets 20.33 percent of the revenue from warehousing, 7.15 percent from freight forward, and the remaining 5.09 percent from mobility.
The company targets to be a Rs. 10,000 crore logistics service provider by FY 2026. For FY24, the company is focusing on consolidating leadership positions in contract logistics, turn-around acquisitions in B2B Express and last Mile Delivery, growing cross-border freight volumes and expanding the mobility network.
Headquartered in Mumbai, Mahindra Logistics Ltd was incorporated in 2007. The company offers Supply Chain expertise to diverse industry verticals such as Engineering, Automotive, Consumer Goods, Telecommunications, Commodities, Pharmaceuticals, and E-commerce.
Written By Vaibhav Patil
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