Allcargo Logistics shares jump 14%; can stock revisit all-time high level?

Shares of Allcargo Logistics Ltd surged 13.85 per cent to hit a day high of Rs 85.40 in Tuesday's trade. The stock saw heavy trading volumes on BSE today as around 20.57 lakh shares were seen changing hands. The figure was way more than the two-week average volume of 1.11 lakh shares.

At today's high price of Rs 85.40, the scrip was down 12.59 per cent from its record high value of Rs 97.70, a level seen earlier this year on January 2 when it traded ex-bonus in a 3:1 ratio.

On technical setup, support on the counter could be seen at Rs 82, followed by Rs 80 and Rs 75 levels. On the higher side, resistance may be found at the Rs 86-90 zone. And, a decisive breach above Rs 90 may propel Allcargo towards its all-time high level.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock has witnessed strong movements in the recent period, wherein it tested its lifetime high of Rs 98. It underwent some profit booking after that. Once again, the scrip has staged a rebound, indicating the continuation of uptrend. Rs 80-75 is likely to cushion any near-term blip, followed by sacrosanct support at Rs 72-odd level. On the higher end, the intermediate resistance is placed at Rs 86-89.50. And, a decisive breach above the mentioned upper-end level can push the stock to reclaim its all-time high level."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support for Allcargo will be at Rs 82 and resistance at Rs 90. A decisive close above Rs 90 level may trigger a further upside till Rs 96. Expected trading range will be between Rs 80 and Rs 98 for a month."

AR Ramachandran from Tips2trades said, "The stock is bullish on daily charts with strong resistance at Rs 90. A daily close above this resistance could lead to target of Rs 110 in the near term. Support will be at Rs 81.45."

The Mumbai-based logistics company has recorded an 88 per cent decline in consolidated profit after tax (PAT), at Rs 17 crore, in the December 2023-24 quarter (Q3 FY24). It had posted a consolidated PAT of Rs 146 crore in the year-ago period.

During Q3 FY24, revenue from operations fell 22 per cent to Rs 3,212 crore from Rs 4,127 crore in the corresponding period last fiscal.

In addition, shares of Allcargo Gati -- a part of Allcargo Group -- surged as well today. The stock jumped 9.52 per cent to hit a day high of Rs 125.40.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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