Multibagger Stock Rally 5% On Signing Partnership Agreement With ICICI Bank

Tiger Logistics (India) a small-cap stock in the transport services sector opened today on the BSE at Rs 452.50 apiece and rallied to an intraday high of Rs 477.60 with a gain of over 5% during the morning deals. The stock rose after Tiger Logistics (India) said that ICICI Bank and Tiger Logistics reached an alliance partnership deal to enable integrated banking and end-to-end logistics for exporters and importers.

This groundbreaking partnership between ICICI Bank and a full-service global logistics provider Tiger Logistics represents a turning point and synergy in the development of two separate yet interrelated sectors - global logistics and banking - and offers importers and exporters a seamless and all-inclusive shipping solution for their needs in international trade.

Through this partnership, Tiger Logistics' proprietary digital freight booking and management platform, FreightJar, and the ICICI Trade Emerge platform will be fully integrated. This collaborative partnership represents a significant milestone in integrating the banking and logistics industries.

Through the cooperation, importers and exporters will have simple access to affordable freight rates and a complete solution for their requirements related to global trade. It will make it possible for Trade Emerge users to get bids right away, shorten the documentation process, and track their shipments. Additionally, they have speedy financing alternatives available from ICICI Bank, which makes running their international trade activities simpler.

Harpreet Singh Malhotra, Chairman & Managing Director of Tiger Logistics said, "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. With FreightJar integrated into the ICICI Trade Emerge platform, we are taking a significant step towards making global trade more accessible, efficient, transparent and cost-effective."

"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 further added.

Tiger Logistics said on Tuesday that its profit for the current fiscal's third quarter, which ran from July to September, fell by 59.3% to Rs 3.22 crore. At the same time last year, the firm reported a profit of Rs 7.92 crore. According to a stock exchange filing, the company's net income decreased to Rs 53.99 crore in Q2FY24 from Rs 183.11 crore in Q2FY23.