Allcargo Logistics gets stocked up

Allcargo Logistics was as such strong yesterday, closing 10.5% higher at Rs.102.30 and today it opened a tad higher at Rs.103 levels and was uncertain for some time, before jumping up to Rs.106.

There is a lot of volatility on the counter, reacting to unconfirmed news that PE Fund, Blackstone is planning to invest Rs.1500 crore in a venture with Allcargo to build a warehouse. And it plans to invest 51% stake in this venture.

Allcargo’s logistics division plans to build 5 million square feet of warehouses across India by 2021.