India's Mahindra Logistics rises on Rivigo deal

Mahindra Logistics

27/09/2022 05:13

** Shares of logistics service provider Mahindra Logistics
Ltd  MALO.NS  rise as much as 5.7% to 532 rupees
    ** MALO said, late on Monday, it would acquire Rivigo
Services Pvt Ltd's B2B express business for 2.25 billion Indian
rupees ($27.63 million)  urn:newsml:reuters.com:*:nFWN30X1BK
    ** Rivigo will continue to own its truck fleet, rights to
full truck load ops - MALO
    ** Co also said it will sell its enterprise mobility
business to unit MLL Mobility for 361.2 million rupees
 urn:newsml:reuters.com:*:nFWN30X10T
    ** More than 271,000 shares change hands by 0407 GMT, 0.8x
30-day avg of nearly 346,000 shares
    ** Seven of the 10 analysts covering the stock have a "buy"
or "strong buy" rating, while three have "hold"; median PT is
576 rupees - Refinitiv data
    ** Stock down 26.1% so far this year up to last close
($1 = 81.4250 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))