Allcargo looks loaded

Yesterday, after market hours, Allcargo announced its monthly performance update and it was very good.

The company stated that its Less than Container Load (LCL) for July’24 stood at 818’000 cubic meters similar to its highest ever monthly volume which was recorded in August 2022. This represents an increase of 6% as compared to previous month and 5% as compared to July 2023.

The company’s volumes have steadily increased on the back of improved global trade and company’s growth initiatives. An increase in volume was witnessed in all major regions like USA, Latin America, Europe, Asia Pacific, and Middle East.

It expects momentum to remain through the year and also anticipates freight rates to stay high until the end of peak season.

On the other hand, its full container load (FCL) was flat sequentially but YoY, saw a 7% growth. The company said that volumes have been flat overall with marginal declines in China, Vietnam, and Mexico, as well as an increase in India, Turkey, and UAE.

The stock is today among the top five gainers on the BSE; though it opened flattish at Rs.62, it soon rose to Rs.68.65 and is currently trading at Rs.67 levels. Its 52-week high is at Rs.97.70.