Allcargo Logistics Ltd.’s shares increased 14.47% late on Friday to reach a high of Rs 73.42. When shares of the firm were last observed moving hands on the BSE, they were trading at a high volume of 15.56 lakh.
The amount was significantly higher than the 3.37 lakh share two-week average. With a market capitalization (m-cap) of Rs 7,207.72 crore, the counter’s turnover was Rs 10.99 crore.
The Mumbai-based logistic firm recently said that its LCL volume for February 2024 witnessed an increase of 7 per cent from the year-ago period.
“Considering shorter month, Feb volumes are usually lower than January and March. In 2023, Feb volume was 14 per cent lower than January volumes. However, this year February is only 5 per cent lower than January volumes. Overall demand environment has largely remained flat. Strong performance in February was driven by improved company performance and some delayed shipments due to Red Sea crisis.”
Allcargo Logistics Ltd.
On technical setup, support on the counter could be seen at the Rs 65-63 zone.
“The stock has recently witnessed a decent correction from Rs 91.80 levels. It has bottomed out near the important support area of Rs 63. The counter has now indicated a trend reversal. So, one can anticipate a further rise with near-term targets of Rs 76.50-83,” said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
“Support will be at Rs 65 and resistance at Rs 75. A decisive close above Rs 75 level may trigger a further upside till Rs 80. Expected trading range will be between Rs 60 and Rs 80 for a month.”
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers
Simple moving averages (SMAs) of five, ten, fifty, and two hundred days were being traded higher by the counter; SMAs of twenty, thirty, fifty, and one hundred days were being traded lower.
The relative strength index (RSI) for the counter after 14 days was 47.28. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70.
The price-to-book (P/B) ratio for the company’s stock is 5.07, while the price-to-equity (P/E) ratio is 25.07. The company’s earnings per share (EPS) was 2.56, and its return on equity was 20.24.
In the December 2023–24 quarter (Q3 FY24), Allcargo Logistics reported an 88% decrease in consolidated profit after tax (PAT), to Rs 17 crore. In the same period last year, it reported a consolidated PAT of Rs 146 crore.
