Tiger Logistics signs alliance partnership agreement with ICICI Bank

Tiger Logistics (India) shares traded higher on Wednesday. The stock is in focus today after ICICI Bank signed an alliance partnership agreement with Tiger Logistics. The stock started the trade at Rs 447.30 and hit a high of Rs 477.60 in opening deals. It is less than 1 per cent away from the 52-week high of Rs 479.75. Last seen, the stock gained as much as 6.48 per cent to Rs 476.30 apiece. 

Tiger Logistics (India) is a BSE-listed international logistics company. It has announced that ICICI Bank has signed an alliance partnership agreement with Tiger Logistics to facilitate integrated banking and end-to-end logistics for exporters and importers.

This first-of-its-kind collaboration between ICICI Bank and an end-to-end global logistics company Tiger Logistics marks a significant milestone and synergy in the evolution of two distinct yet interlinked sectors - global logistics and banking, providing importers and exporters with a seamless and comprehensive shipping solution for their global trade requirements

"We are excited about the collaboration between Tiger Logistics and ICICI Bank. This strategic partnership will empower importers and exporters by simplifying their international logistics and trade finance operations and bringing down the overall logistics cost," Harpreet Singh Malhotra, chairman & MD of Tiger Logistics, said.

“We anticipate substantial growth opportunities and increased revenue streams with this collaboration and expect the impact of this collaboration to resonate throughout the industry,” he added.

In the last one year, the shares of Tiger Logistics (India) have gained 235 per cent against the 12.07 per cent return generated by BSE Sensex.

Earlier on Tuesday, Tiger Logistics reported a 59.3 per cent decline in profit at Rs 3.22 crore in the July-September quarter of the current fiscal.

The company had posted a profit of Rs 7.92 crore in the year-ago period, Tiger Logistics said in a regulatory filing. The total income of the company dropped to Rs 53.99 crore from Rs 183.11 crore in the year-ago quarter, the filing said.

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