Mukul Agrawal stock jumps after it acquires controlling stake in the German based company

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Mukul Agrawal stock jumps after it acquires controlling stake in the German based company

Share price of this logistics solution provider climbed by nearly 2 percent on BSE to Rs. 71.95 in the trading session of Thursday, after acquiring the remaining 25 percent stake in a German-based logistics firm for EUR 2.9 million.

With a market capitalisation of Rs. 6,994.5 crore, at 01:59 p.m., the shares of Allcargo Logistics (NS: ACLL ) Limited were trading in the green at Rs. 71.17, up by 0.88 percent.

According to the recent regulatory filings with the stock exchanges, ECU Worldwide N.V., a wholly-owned subsidiary of Allcargo Logistics Limited, has acquired the remaining 25 percent stake in Fair Trade GmbH Schiffahrt, Handel und Logistik for a consideration of EUR 2.9 million.

ECU Worldwide N.V. now holds a 100 percent stake in Fair Trade and is now a wholly-owned subsidiary of the company, with a total cost of acquisition of nearly EUR 14.9 million.

In November 2022, ECU Worldwide N.V., formerly known as Allcargo Belgium N.V., entered into a Share Purchase Agreement with NBG Logistik Beteiligungs- und Beratungsges. mbH to acquire a 75 percent stake worth EUR 12 Million in Fair Trade GmbH Schiffahrt, Handel und Logistik.

Fair Trade handles inbound and outbound freight to/from multiple destinations globally, and operates in FCL and LCL consolidation business in Germany, having a turnover of EUR 13,679,876, as of 31st March 2023.

With this acquisition, Allcargo Logistics is looking forward to the expansion of its FCL (Full Container Load) and LCL (Less than Container Load) business in an important market with a synergistic and capable partner.

The company reported a decline in consolidated revenue from operations by 22.2 percent YoY from Rs. 4,127.03 crore in Q3 FY22-23 to Rs. 3,211.6 crore Q3 FY23-24, accompanied by a fall in net profit by 88 percent from Rs. 145.64 crore to Rs. 17.4 crore, during the same period.

As of March 2024, the ace investor Mukul Mahavir Agrawal holds 1.32 crore equity shares in Allcargo Logistics, representing a 1.34 percent stake.

The stock has delivered 7.01 percent of positive returns in the last six months. However, it has given negative returns of 1.5 percent in one year and 13.8 percent so far in 2024.

Founded in 1993, Allcargo Logistics Limited, previously known as Allcargo Global Logistics Ltd., is one of the global leaders in logistics.

The company operates mainly into three segments: Multimodal Transport Operations, Container Freight Stations/Inland Container Depots and Project and Engineering Solutions.

Written by Shivani Singh

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