India's Mahindra Logistics falls on demand concerns

Mahindra Logistics

23/02/2023 07:42

** Shares of Mahindra Logistics  MALO.NS  fall as much as
2.05% to 371.05 rupees
    ** Third-party logistics services provider says demand
environment remains weak across e-commerce, fast moving consumer
goods and consumer durables segments
    ** Expects demand weakness to continue until December 2023 -
MALO at investor conference on Wednesday
    ** MALO, which owns logistics firm Rivigo Services, says it
is working on cost optimisation in subsidiary to unlock value
    ** Trading volume 53,665 shares, as of 1:01 p.m., nearly
half the 30-day avg of 1.1 mln shares
    ** Of the 11 analysts tracking MALO, six rate it "buy", one
"sell" and four recommend "hold"; median TP is 500 rupees -
Refinitiv data
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))