Aegis Logistics trades lower as Smallcap World Fund offloads stake

As of September 2023, the shareholding in the company was 2.18 percent or 76.36 lakh shares.

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Shares of Aegis Logistics fell over 1 percent during opening trades on November 10, a day after Smallcap World Fund Inc offloaded stake in the the logistics company on November 9. At 10:12 am, the stock was trading at Rs 312, reflecting a decline of 1.22 percent

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According to exchange data, Smallcap World Fund Inc sold 18.26 lakh equity shares or 0.5 percent stake in Aegis Logistics via open market transactions, at an average price of Rs 294 per share. As of September 2023, the shareholding in the company was 2.18 percent or 76.36 lakh shares.

For the quarter ending September 2023, the company reported net profit of Rs.126.98 crore up from Rs.93.39 crore for the period ended September 30, 2022. Total income for the same period fell by 41 percent to Rs. 1279.27 crore against Rs.2,168.51 crore during the period ended September 30, 2022.

Also read: Neutral Aegis Logistics; target of Rs 320: Motilal Oswal

In a post-earnings investor call, Raj Chandaria, Chairman and Managing Director said that the company will continue to seek opportunities in the form of acquisitions, Brownfield expansions or Greenfield sites, and also in the area of sustainable fuel and new energy, that are consistent with its vision of supporting India’s transition to a more sustainable future. Going ahead, they expect strong momentum to carry on for the rest of the year.

Aegis Logistics is an integrated oil, gas and chemical logistics company and importers and handler of LPG.

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