Snowman Logistics stock rises 14% after firm inks MoU with SpiceJet for vaccine distribution

Snowman Logistics stock hit fresh 52-week high in trade today after the firm inked a memorandum of understanding (MoU) with SpiceJet for storage, transportation, and distribution of COVID-19 vaccines. The share rose to a 52 week high of Rs 69.9, rising 14.31% on BSE.

The stock has gained 10.69% in the last 2 days. The stock opened with a gain of 6.13% at Rs 64.90 against previous close of Rs 61.15.     

Snowman Logistics share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  Market cap of the firm rose to Rs 1,084 crore. The share has gained 81% in one year and risen 52.35% since the beginning of this year.

The stock has climbed 64.3% in one month.

Later, the share closed 6.21% higher at Rs 64.95 on BSE.

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"Snowman will handle the ground services which includes activities such as transportation to/from manufacturers, warehouses, airports and consumption points, packing, storage and warehousing, in the required temperature zones, " the company said in a BSE filing.

SpiceJet will provide the air connectivity for temperature-controlled distribution of the vaccines across the country and internationally, Snowman said in a statement.

Meanwhile, Sensex ended 139 points higher at 46,009 and Nifty climbed 35 points to 13,513. During early session, Sensex hit an all-time high of 46,277 and Nifty too logged a record high of 13,566.

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