Don't miss action in this stock that has announced rights issue!

The promoters own 51.18 per cent of the company’s stake whereas the rest 48.82 per cent is owned by the general public, as of September 2022

Jet Freight Logistics Ltd announced a right issue for the shareholders in the ratio of 1:1. The price for the right issue is Rs 16.25 per share. The company has set the record date as January 11, 2023, for rights issue with an issue size of 2,32,01,892 equity shares total aggregating to Rs 37.71 crore. The offer will open on January 20, 2023 and close on January 31, 2023. 

Today shares of Jet Freight Logistics Ltd rose by 3.25 per cent to Rs 20.07 per share. On an annual consolidated basis, net sales and other operating income soared by 30.97 per cent from Rs 351.61 crore in FY21 to Rs 460.51 crore in FY22. Furthermore, net profit soared by 42.43 per cent from Rs 2.09 crore in FY21 to Rs 2.97 crore in FY22. 

Jet Freight Logistics Limited provides logistics services such as freight forwarding services, along with customs clearance services majorly for perishable cargo through air, ocean and land transport. The company’s top clients include Cipla, Foodexo, Glenmark and Jubilant Foods among others. 

The stock has a 52-week high of Rs 47.18 per cent and a 52-week low of Rs 18.25 with a current market cap of 47.45 crore. The promoters own 51.18 per cent of the company’s stake whereas the rest 48.82 per cent is owned by the general public, as of September 2022. Investors should keep an eye on this stock.