India's Snowman Logistics jumps on Sputnik V delivery tie-up with Dr. Reddy's

Snowman Logistics

03/06/2021 08:52

** Shares of India's biggest cold chain operator  SNOW.NS 
gain as much as 14.9% to 59 rupees, their highest since Feb 17
    ** SNOW on Thursday said https://bit.ly/34JD9AK it has
partnered with drugmaker Dr. Reddy's Laboratories  REDY.NS  to
provide logistics solutions for the delivery of Sputnik V
COVID-19 vaccine doses across India 
    ** "Snowman will manage the delivery through five of its
high-capacity temperature-controlled warehouses...will offer
storage, order processing, shipper packing and secondary
transportation," says SNOW in statement
    ** Co says it has capability to store 650 mln doses at any
given time, which can be increased to 1.05 bln doses on short
notice
    ** "Vaccine delivery is the need of the hour. With this
partnership with Dr. Reddy's, we aim to reach maximum
institutions administering vaccines," says SNOW CEO Sunil Nair
    ** REDY has contract with Russia's sovereign wealth fund for
250 mln Sputnik V doses, which it expects to use to vaccinate
125 mln people in the next 8-12 months  urn:newsml:reuters.com:*:nL4N2N12T9  
    ** More than 20.3 mln shares traded as of 0745 GMT, 3.9
times their 30-day moving avg of ~5.2 mln shares
    ** Up to Wednesday's close, stock had fallen 22.7% YTD


 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))