Patel International moves up

Patel International Logistics rose almost 3.5% today to Rs.82.80. The stock’s high stands at Rs.98 and low at Rs.70.10.

The stock price has gone up on news that as a part of its expansion plan for the warehousing business, the company has acquired around 3 acres of land in Chennai from Gem Poultry Industries. This is for construction of warehouse and transhipment facility.

The facility will synergise and be utilised for Warehousing, Express & Distribution business of the company.

This is a Mumbai-based multi-modal logistics service provider and it has been on a fund raising spree from PE funds over past few months. The money raised is being used to fuel its aggressive expansion drive – it is planning on a Rs.80 crore expansion. It recently signed a LoI for a 30-year lease for a warehouse in Gujarat. Its aim is to set up around 10 warehouses measuring over 1 million sq ft in the key traffic regions.