1:10 stock split & FIIs increase stake: Multibagger logistics stock at Rs 58.69 hit upper circuit as it secures positive outcome in service tax matter; details inside!

The stock gave multibagger returns of 1,462 per cent in 3 years and a whopping 2,060 per cent in a decade.

Tiger Logistics (India) Limited, a BSE-listed international logistics company, announced that following our previous intimations dated July 14, 2023 and February 10, 2022, the company have received a positive ruling in our favour.

As communicated earlier, vide Order-in-Original dated November 18, 2021, the Commissioner, CX & GST, Delhi East, confirmed a demand of Service Tax amounting to Rs 5,65,06,356 in respect of the markup/differential freight in the sale of space for export cargo, container detention charges, toll tax and other services provided.

On ROM Application filed against the above order, vide Order-in-Original dated October 19, 2022, the commissioners accepted the fact of an amount of Rs 2,64,78,835 having already been paid towards the service tax on services provided and ordered for appropriation of the same against the demand confirmed.

Vide Final Order dated July 17, 2023, CESTAT set aside the demand of service tax on the markup/differential freight, container detention charges and toll tax. However, the issue of re-quantification of the demand for service tax on the services provided on account of non-consideration by the Commissioner of the abatement claimed was remanded by CESTAT to the Commissioner. Now vide Order-in-Original dated March 27, 2024, the commissioner has accepted the claim for abatement and re-quantified the demand of service tax to the amount which was already paid.

Tiger Logistics, a publicly traded leader in international logistics since 2000, offers customised freight forwarding, transportation, and customs clearance solutions across diverse industries. They leverage a network of partners and an asset-light model to provide cost-effective management of clients' entire international logistics needs.

Today, shares of Tiger Logistics (India) Ltd hit a 5 per cent upper circuit to Rs 58.69 per share from its previous closing of Rs 55.90. The stock’s 52-week high is Rs 87 and its 52-week low is Rs 33.75 with an ROE of 27.1 per cent and an ROCE of 37.7 per cent.

Additionally, the company ex-traded stock split of the company’s 1 (one) equity share having a face value of Rs 10 each into 10 (ten) equity shares of the company having a face value of Rs 1 each as of the record date. The ex-record date was Monday, March 04, 2024.  Furthermore, FIIs have increased their stake to 7.36 per cent in December 2023 compared to 1.07 per cent in September 2023.

The company have a market cap of Rs 619 crore and reported positive numbers in its Quarterly Results (Q3FY24) and nine-month results (9MFY24). The stock gave multibagger returns of 1,462 per cent in 3 years and a whopping 2,060 per cent in a decade. Investors should keep an eye on this micro-cap logistics stock.

Disclaimer: The article is for informational purposes only and not investment advice.