Snowman Logistics jumps on partnering with Dr Reddys for delivering Sputnik COVID-19 vaccine
Snowman Logistics Ltd today has surged 15 per cent after it announced its strategic partnership with Hyderabad-based Dr Reddy's Laboratories to provide temperature-controlled end-to-end logistics solutions for the delivery of two-dose Sputnik COVID-19 vaccine across India.
With this, Snowman will be the largest 3PL service provider for vaccines in the country offering national reach to Dr Reddy's Lab.
Snowman will manage the delivery via five of its high-capacity temperature-controlled warehouses in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru. It will offer storage, order processing, shipper packing, and secondary transportation from these locations. The temperature, throughout, will be maintained between -20 degrees Celsius and -25 degrees Celsius. It has the ability to store at up to -80 degrees Celsius and provide real-time temperature monitoring to ensure the correct conditions for vaccine distribution during the entire supply chain.
It has the capability to readily store 650 million doses at any given time, which can be increased to 1.05 billion doses with a short notice for pan-India distribution.
In addition, the company has a Capex plan of approximately Rs 425 crore for capacity expansion, with a focus on the pharma and e-commerce sector, where the company has seen a huge rise in demand since the onset of the COVID-19 pandemic.
Snowman Logistics is the market leader in integrated temperature-controlled logistics services, having 35 strategically-located temperature-controlled warehouses with a total pallet capacity of 1,13,208 across 16 cities. It caters to various services like dairy products including butter & cheese, canned food Items, poultry & meat, seafood, healthcare, and pharmaceutical products.
On Thursday, the stock of Snowman Logistics jumped 15 per cent, making an intraday high of Rs 59 from its previous close of Rs 51.35 on BSE. However, at 2:02 pm, it was trading at Rs 57.55, up by 12.1 per cent on BSE.