Mahindra Logistics hits near 2-yr high on Bajaj Electricals outsourcing deal

Bajaj Electricals

04/03/2021 06:25

** Shares of logistics services provider  MALO.NS  rise as
much as 15% to 552.3 rupees, their highest since April 16, 2019
    ** Co signs a deal with Bajaj Electricals  BJEL.NS  for
logistics optimization and outsourcing 
    ** Total contract value to be more than 10 billion rupees
($137.44 million) over next 5 years - MALO  urn:newsml:reuters.com:*:nFWN2L10ED
    ** Deal involves complete end-to-end redesign and
outsourcing of BJEL's entire logistics by MALO, aimed at
logistics cost savings of more than 25%   
    ** BJEL shares up 3.8%
    ** MALO shares have risen 16.1% this year, as of last close


($1 = 72.7600 Indian rupees)

 (Reporting by Philip George in Bengaluru)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))