To cash in on the just rolled-out goods and services tax (GST), which is very positive for the logistics sector, leading logistics player Patel Integrated Logistics
will invest around Rs 80 crore to set up 10 warehouses together measuring over 1 million sq ft in the key traffic regions.
In the first phase warehouses will be opened in Ahmedabad, Chennai, and Gurgaon in this financial year itself, while in the second phase, which will begin next year, will see our warehouses in Pune, Mumbai and Hyderabad, the company stated in a regulatory filing.
For the Bengaluru facility, the company has already secured a Rs 5 crore loan from SIDBI, adding the rest of the funds will be managed with a mix of equity and low-cost debt.
Currently, it has only one warehouse in Chennai, and it plans to open a new warehouse located on 2-3 acres land, and will also be on long-term lease ranging from 40 to 99 years.
Patel Integrated Logistics Ltd is currently trading at Rs 89, up by Rs 2.15 or 2.48% from its previous closing of Rs 86.85 on the BSE.
The scrip opened at Rs 90.55 and has touched a high and low of Rs 91 and Rs 88.5 respectively. So far 26333(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 137.98 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 125.7 on 15-Jul-2016 and a 52 week low of Rs 69.5 on 23-Nov-2016. Last one week high and low of the scrip stood at Rs 91.1 and Rs 86.5 respectively.
The promoters holding in the company stood at 43.51 % while Institutions and Non-Institutions held 0.31 % and 56.18 % respectively.
The stock is currently trading above its 50 DMA.