Allcargo Logistics today reported a marginal dip of 2% in consolidated net profit at INR 57.24 crore for the quarter ended March 31, 2017.
The company’s net profit was at INR 58.64 crore in the year-ago quarter. Its total income from operations during the quarter was at INR 1,362.81 crore, as against INR 1,390 crore a year ago.
The firm’s total expenses fell to INR 1,295.79 crore, compared to INR 1,319.17 crore in the year-ago period.
Allcargo Logistics, part of The Avvashya Group, offers specialised logistics services across multi-modal transport operations, container freight station operations, coastal shipping services with fleet of ships...
India & UK agreed to sign a memorandum of understanding (MOU) on bilateral cooperation in urban transport policy planning, technology transfer and institutional organization of transport.
The decision to enter into a bilateral cooperation arrangement between the Transport For London (TFL) and the Indian Ministry of Road Transport and Highways on a wide range of transport mobility solutions and associated activities in urban environments was taken during the three-day official visit of the Minister of Road Transport & Highways and Shipping Mr. Nitin Gadkari to Britain.
During his visit to the headquarters of Transport for London (TFL), Mr. Gadkari was given...
Lynk has launched its services in the city.
Addressing a press conference here on Thursday, Abinav Raja, Co-founder, Lynk Logistics, said that the intra-city platform will focus on small and medium enterprises and home residents for intra-city logistics.
Hyderabad is the second city after Chennai for Lynk’s operations. It is targeting 75,000 downloads of its app and hopeful of completing one lakh trips in Hyderabad in next 12 months.
Lynk is a technology platform for intra-city logistics that connects a shipper with a transporter....
Nittsu Logistics (India) Private Limited has commenced its own Free Trade Warehousing Zone (FTWZ) in Tamil Nadu (at J. Matadee Free Trade Zone, Kanchipuram District).
A release said that the facility is a dedicated platform for trading and warehousing, which has duty deferment up to 5 years for products requiring longer storage time....
Tiger Logistics India Limited is eyeing to tap the defence logistics sector, which is a niche segment with high entry barriers, by roping in P&G Associates, a leading advisory firm.
The firm has signed a memorandum of understanding with P&G Associates to explore the business opportunities in defence and paramilitary logistics (air force, army, naval & paramilitary forces). Through this memorandum of understanding (MoU), Cmde Gurpreet Singh Oberoi (retd) will render his service to be the defence advisor for Tiger Logistics.
He has a vast experience in the defence sector which is expected to add significant addition in orders for the company.
Continental Warehousing Corporate (Nhava Seva) Limited, the flagship company of the NDR Group, on Friday, unveiled an inland container depot (ICD) at Sachana in Viramgam, Ahmedabad.
It will have a monthly capacity of handling up to 7,500 Twenty Foot Equivalent (TEU) of export-import cargo.
The company has formalised a tie-up with Container Corporation of India Limited (Concor) for access to the latter’s network of 70 container terminals through a hub-and-spoke arrangement. The move is in line with the company’s long-term objective of shifting all road cargo to rail.
Union Minister of State for Railways Manoj Sinha said that “The new IC...
According to official data, India’s import of total finished steel fell 36% to 7.4 million tonnes (MT) and exports jumped 102% to 8.2 MT in 2016-17.
In terms of production too the country did well, according to Joint Plant Committee’s annual report on the sector for 2016-17.
Export of total finished steel rose 102.1% in April-March 2016-17 to 8.244 MT as against 4 MT in same period of last year and dependence on import eased to 7.4 MT as compared to 11.7 MT in the preceding fiscal, it said. “During April-March 2016-17, crude steel production was 97.385 MT, a growth of 8.5%, over the same period of last year,” the report said.
Arshiya has entered into an agreement to sell six of its warehouses to Ascendas India for INR 534 crore.
The storage spaces spread across 832,000 square feet are located in Panvel, on the outskirts of Mumbai.
A statement said that"The intended objective of Arshiya is to achieve an asset light model going forward, while Ascendas will potentially be getting a portfolio of income yielding Free Trade warehouses. The term sheet also envisages the financing of the future development on the available surplus land which has development potential of approx. 4 million square feet within the existing notified area.”
The amount will be paid in two tranch...
Balmer Lawrie & Company Limited has said it is investing INR 50 crore for the construction of two cold chain warehouses to tap the growing demand for temperature controlled warehousing facilities.
Of the INR 50 crore, the PSU would be pumping some INR 33-34 crore from internal accruals as it has sufficient free cash, the company Chairman and Managing Director, Prabal Basu, said.
The company is constructing two temperature controlled warehouses one at Delhi NCR and the other at Patalganga, Maharashtra, Balmer Lawrie Director (Services) K Swaminathan said.
This project has also been approved for subsidy recently by the government which is promoting su...
India and Nepal will soon start a pilot project on electronic tracking of cargo movement between the two countries.
Currently, clearance of cargo is done through physical inspection and it is time-consuming as well as costly for business, an official statement said.
The pilot project will be supported by the Asian Development Bank (ADB) under the South Asia Subregional Economic Cooperation (SASEC) Trade Facilitation Strategic Framework.
The statement said that "A Memorandum of Intent (MOI) on India-Nepal Electronic Cargo Tracking System (ECTS) pilot run will soon be signed by the Governments of India and Nepal to facilitate movement of traffic-in-t...