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Why Snowman Logistics share zoomed 15% in early trade

Snowman Logistics stock touched an intraday high of Rs 59, rising 14.9% against previous close of Rs 51.35 on BSE

Snowman Logistics share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Snowman Logistics share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Snowman Logistics share rose 15% today after firm joined hands with Dr Reddy's for delivery of Sputnik V vaccine. The firm will provide temperature-controlled end-to-end logistics solutions for the delivery of the two-dose Sputnik COVID-19 vaccine across India.

The stock touched an intraday high of Rs 59, rising 14.9% against previous close of Rs 51.35 on BSE. The stock opened with a gain of 9.54% at Rs 56.25. Snowman Logistics share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has risen 93.32% in one year and fallen 15.11% since the beginning of this year. Market cap of the firm rose to Rs 944 crore on BSE.

Total 12.39 lakh shares changed hands amounting to a turnover of Rs 7.04 crore. The share hit 52-week high of Rs 71.25 on December 30, 2020 and 52-week low of Rs 27.35 on June 12, 2020.

Snowman will manage the delivery through five of its high-capacity temperature-controlled warehouses in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru, the company said in a regulatory filing.

The logistics service provider will offer storage, order processing, shipper packing and secondary transportation from these locations.

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"The locations are strategically located to take care of not just the state distribution, but the whole of the regional requirements. The temperature, throughout, will be maintained between -20 degrees Celsius and -25 degrees Celsius. With this, Snowman will be the largest 3PL service provider for vaccines in the country offering national reach to Dr Reddy's Lab," the company said.

Snowman Logistics has the capability to readily store 650 million doses at any given time, which can be increased to 1.05 billion doses with a short notice for Pan-India distribution, it said. The company has the ability to store at up to -80 degrees Celsius, and provides real-time temperature monitoring to ensure the correct conditions for vaccine distribution during the entire supply chain.