India's Allcargo Logistics falls on concerns over margins

Allcargo Logistics

18/08/2023 08:40

** Shares of Allcargo Logistics  ACLL.NS  down as much as 2.98%
to 265.4 rupees, their lowest since June 1
    ** Stock on track for eighth consecutive session of losses
    ** Stock has fallen 9.5% since co reported an over 50% fall
in consol net profit for the April-June quarter on Aug. 10
    ** Stock fell as much as 4.2% after co flagged it is
witnessing high competition for incremental volumes in the
market driven by muted overall demand on Aug. 16
    ** Analysts at Jefferies cut PT on stock to 340 rupees from
370 rupees earlier, citing weaker-than-expected Q1 margins
    ** About 277,000 shares change hands as of 1:01 p.m. IST,
0.7x 30-day average
    ** Including session's decline, stock down ~12.4% YTD

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))