Mahindra Logistics, a third-party logistics (3PL) solution provider is in the news today morning. Opening 2% higher at Rs.680, the stock rose to an intraday high at Rs.728.85, up 8.5%. Its 20% UC of the day is at Rs.799.85 while 52-week high stands at Rs.819.15.
Logistics operator LOGOS has leased 1.4 million square feet of warehousing space to Mahindra Logistics at the LOGOS Luhari Logistics Estate in Haryana.
The nine-year long lease tenure amounts to a rental outflow of about $45 million.
According to the agreement, LOGOS will develop three Grade-A warehouses sprawled over 1.4 mmsf for MLL. The first 0.5mmsf warehouse, which was completed in mid-2021, is fully operational and the other two are under development with scheduled delivery in late 2021 and early 2022.