AVG Logistics zooms on securing UPSRTC Tender as Authorized Partner for Express Parcel Services

AVG Logistics is currently trading at Rs. 495.65, up by 24.40 points or 5.18% from its previous closing of Rs. 471.25 on the BSE.

The scrip opened at Rs. 480.40 and has touched a high and low of Rs. 510.95 and Rs. 480.40 respectively. So far 11188 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 665.40 on 27-Feb-2024 and a 52 week low of Rs. 240.15 on 06-Sep-2023.

Last one week high and low of the scrip stood at Rs. 510.95 and Rs. 443.05 respectively. The current market cap of the company is Rs. 680.63 crore.

The promoters holding in the company stood at 52.76%, while Institutions and Non-Institutions held 9.47% and 37.77% respectively.

AVG Logistics has been awarded the tender as the authorized partner for Express parcel services by Uttar Pradesh State Road Transport Corporation (UPSRTC). This significant achievement underscores AVG's commitment to excellence and its expanding role in the Express Parcel delivery segment. The award of this tender marks a strategic partnership between AVG and UPSRTC, aimed at enhancing the efficiency and reach of Express parcel delivery services. As the authorized partner, AVG will be responsible for managing and optimizing Express parcel operations, ensuring sustainable, timely and reliable delivery for customers across the designated regions in the state of Uttar Pradesh.

Uttar Pradesh, one of India’s largest and most populous states, presents a unique set of logistical challenges. AVG aims to address these with its efficient delivery network through partnering with UPSRTC, and customer-centric approach. The launch of AVG's services in this region will streamline the process of Express parcel delivery and also contribute to the state's economic growth by enabling smoother and faster movement of goods.

In a significant move to bolster its service capabilities, AVG has secured space in 9,000 UPSRTC buses for Express parcel delivery services and expecting the lifetime revenue of Rs 60 crore over a period of 5 years. This collaboration with UPSRTC will enable AVG to leverage the extensive bus network for efficient and wide-reaching Express parcel distribution, covering urban and rural areas in the state of Uttar Pradesh. This award reinforces AVG's position as a leader in the logistics industry and provides a solid foundation for sustained growth and profitability. AVG with a mission to provide reliable, fast, and cost-effective delivery solutions, is set to transform the logistics landscape of the state.

AVG Logistics offers their customers services in three key areas like transportation whereby they provide point-to-point, less-than truck-load, time-definite transportation services; warehousing whereby they provide warehousing, distribution and cold-chain warehousing; and value-added Services including, temperature-controlled logistics, supply chain solutions and cargo handling services at integrated check posts.