Promoters sold 2,75,039 shares: Penny logistics stock under Rs 30 in focus as the company plans to go pan India with FreightPILL Mobile App
The stock is up by 83 per cent from its 52-week low of Rs 13.10 per share.
On Wednesday, shares of Patel Integrated Logistics Ltd gained 0.13 per cent to Rs 23.94 per share from its previous closing of Rs 23.91 with an intraday high of Rs 24.30 and an intraday low of Rs 23.50. The stock’s 52-week high is Rs 29.40 and its 52-week low is Rs 13.10.
Patel Integrated Logistics Limited (BSE: 526381 & NSE: PATINGLOG), one of the leading logistics and supply chain service providers in India plans to go pan-India with the ‘FreightPILL’ mobile app. This app is already gaining momentum across metros and cities for its seamless digital logistics experience. FreightPILL is an Enterprise Information System software developed by the company to enhance its logistics services and overcome challenges associated with manual operations
The FreightPILL app enables companies to manage end-to-end logistics processes, including shipment booking, generating air waybills and delivery receipts, and real-time shipment tracking. The app centralizes data from all branches into a unified database, ensuring that users have access to accurate, up-to-date information anytime, anywhere. Patel Integrated Logistics Limited is the first ever company to launch an integrated app to streamline logistics operations for business pan India in the sector of air cargo consolidation
Since its launch, FreightPILL has embodied the company’s mission to deliver exceptional service and innovative solutions. The app has been instrumental in optimizing logistics processes, reducing operational bottlenecks, and providing businesses with the tools they need to remain competitive in a fast-paced industry by leveraging technology, Patel Integrated Logistics continues to enhance its service offerings, reinforcing its position as a leader in the logistics sector.
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Rights Issue Update: The Board of Directors of the Company, at their meeting held on August 24, 2024, approved the terms for a proposed rights issue. The rights issue will involve the issuance of 50,00,000 fully paid-up equity shares with a face value of Rs 10 each, at Rs 18 per share (including a premium of Rs 8). The record date for determining eligibility to participate in the rights issue is set for Friday, September 6, 2024.
The rights issue will open on Thursday, September 19, 2024, and close on Tuesday, October 1, 2024. During this period, shareholders can exercise their rights to subscribe for the new equity shares. The on-market renunciation period, during which shareholders can sell their rights to other investors, will run from Thursday, September 19, 2024, to Thursday, September 26, 2024. After the rights issue, assuming full subscription, the total number of outstanding equity shares will increase from 6,45,85,746 to 6,95,85,746. Eligible shareholders will be entitled to receive 8 rights equity shares for every 103 fully paid-up equity shares they hold as of the record date.
About the Company
Incorporated in 1962, Patel Integrated Logistics Ltd. is a pioneer in multimodal logistics solutions in India. PATEL is a trusted name in the world of logistics. The company is a leading IATA-approved cargo agency offering transportation of high-density cargo by air and surface within India. It covers all airports across the country and offers specialized services in both domestic and international logistics.
In its annual results, total gross income from operations increased by 6.7 per cent to Rs 342.37 crore, net sales increased by 4.4 per cent to Rs 290.55 crore, profit before tax increased by 22 per cent to Rs 5.68 crore and net profit increased by 13.1 per cent to Rs 5.54 crore in FY24 compared to FY23.
The company has a market cap of Rs 154.62 crore. The promoters of the company sold 2,75,039 shares and decreased their stake to 36.42 per cent in June 2024 compared to 36.85 per cent in March 2024. The stock is up by 83 per cent from its 52-week low of Rs 13.10 per share. Investors should keep an eye on this logistics stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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