Shares of Tiger Logistics (India), traded on the BSE, experienced a significant rise on Wednesday following the announcement of a strategic partnership with ICICI Bank. This alliance aims to provide integrated banking and comprehensive logistics solutions for businesses engaged in international trade.
The stock opened at ₹447.30 and reached a peak of ₹477.60 before closing with a gain of 6.48% at ₹476.30 per share, narrowly missing its 52-week high of ₹479.75.
Harpreet Singh Malhotra, Chairman & MD of Tiger Logistics, anticipates that this new partnership will stimulate substantial growth and increased revenues for the company. This follows an impressive performance by the logistics firm's shares over the past year, which skyrocketed by 235%, significantly outperforming the BSE Sensex's return of 12.07%.
However, this surge in stock value contrasts with the company's recent financial performance. Tiger Logistics reported a steep profit decline in the July-September quarter of the current fiscal year, with profits falling to ₹3.22 crore from ₹7.92 crore (INR100 crore = approx. USD12 million) year-on-year.
The partnership with ICICI Bank marks a pivotal moment for Tiger Logistics as it seeks to reverse its recent profit decline while capitalizing on its robust stock performance.
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