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Mahindra Logistics rises 2% in trade on Wednesday, June 11; check why
At 12:12 PM, Mahindra Logistic shares were trading 1.34 per cent higher at ₹351.55 per share. In comparison, BSE Sensex was trading 0.38 per cent higher at 82,707.30 levels.
Why did Mahindra Logistics share price rise today?
Mahindra Logistics share price rose after the company launched its new state-of-the-art warehousing facility in Phaltan, Maharashtra, boosting presence in one of India's fastest-growing industrial corridors.
Phaltan is rapidly emerging as a key logistics and manufacturing hub and this Integrated Logistics Centre for Cummins India is strategically located near Pune with direct access to key highways and industrial zones, Mahindra Logistics claimed, in a statement.
The company said that over 3 lakh square feet of this site is now operational as a dedicated site for Cummins India, to optimise their nationwide operations through consolidation of products from multiple sources into one central location.
Mahindra Logistics, via this warehouse, will strengthen Cummins India's logistic capabilities as well as improve supply chain efficiency, availability and visibility with an expansive integrated warehousing & distribution network.
'Through this facility, Mahindra Logistics reinforces its commitment to provide integrated logistics solutions and manage end-to-end supply chain for its customers, including site identification, greenfield development, and unified manufacturing and distribution operations,' Mahindra Logistics highlighted.
Moreover, this site will support Cummins India's inbound and outbound logistics operations, warehouse management, last-mile dispatch management as well as support in agile manufacturing operations. The company's agile, efficient, and scalable solutions will help enhance operational visibility, service levels, and cost efficiency for the customer, Mahindra Logistics added.
Additionally, the facility will generate over 500 employment opportunities for local communities.
Also, the Mahindra Logistics' warehouse is renewable energy operated and integrates sustainable features such as solar panels and advanced water treatment systems.
About Mahindra Logistics
Mahindra Logistics, an integrated third-party logistics service provider, specialises in supply chain management and enterprise mobility.
It serves over 400 corporate customers across various industries like automobile, engineering, consumer goods and e-commerce.
The company pursues an 'asset-light' business model, providing customised and technology enabled solutions that span across the supply chain and people mobility services.
Last checked, the market capitalisation of Mahindra Logistics is ₹2,535.78 crore, BSE data showed. The company falls under the BSE SmallCap index.
The 52-week high of Mahindra Logistics is ₹554.05 per share, while its 52-week low is ₹238.50 apiece.
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