Shares of TVS Supply Chain Solutions surged 8% on Wednesday, June 12, after the company secured a five-year strategic contract from Daimler Truck South East Asia Pte Ltd, a Daimler Truck AG company, for integrated supply chain solutions service in Singapore.
The stock opened at ₹175.05 apiece on the BSE, up 3.4% from the previous close. Shares of TVS Supply Chain Solutions maintained upward momentum to rally as much as 8% reaching an intra-day high of ₹182.55 apiece.
Currently, the stock is trading 20% higher from its 52-week low of ₹145.4. However, it remains 32% below its 52-week high of ₹257.95.
With the recent rise in the stock price, the market capitalisation of TVS Supply Chain Solutions (TVS SCS) reached over ₹7,900 crore.
In a stock exchange filing on Tuesday, TVS SCS said that the contract aims to streamline supply chain operations for Daimler Truck's distributors, dealers, and workshops across 16 countries. TVS SCS will manage these operations from its strategic logistics centre in Singapore.
This contract establishes TVS SCS as a key logistics partner for Daimler Truck AG, the world's largest commercial vehicle manufacturer.
It reinforces TVS SCS's commitment to exceptional logistics services between Germany and the Asia-Pacific region. Daimler Truck South East Asia selected TVS SCS after a thorough evaluation process, the company informed the bourses.
The partnership aims to create a robust logistics solution for distributing spare parts and related items, efficiently managing 8,000 SKUs and 65,000 order lines per year.
Also Watch: In an interview with CNBC-TV18, Ravi Viswanathan, MD of TVS Supply Chain Solutions spoke about the 5-year strategic contract which it signed with Germany's Daimler Truck.
Shares of TVS Supply Chain Solutions were trading 6.26% higher at ₹169.9 apiece on the BSE at around 10.11 am.
Also Read: ₹240 dividend distributor shares close to a record high after strong parent earnings
The stock opened at ₹175.05 apiece on the BSE, up 3.4% from the previous close. Shares of TVS Supply Chain Solutions maintained upward momentum to rally as much as 8% reaching an intra-day high of ₹182.55 apiece.
Currently, the stock is trading 20% higher from its 52-week low of ₹145.4. However, it remains 32% below its 52-week high of ₹257.95.
With the recent rise in the stock price, the market capitalisation of TVS Supply Chain Solutions (TVS SCS) reached over ₹7,900 crore.
In a stock exchange filing on Tuesday, TVS SCS said that the contract aims to streamline supply chain operations for Daimler Truck's distributors, dealers, and workshops across 16 countries. TVS SCS will manage these operations from its strategic logistics centre in Singapore.
This contract establishes TVS SCS as a key logistics partner for Daimler Truck AG, the world's largest commercial vehicle manufacturer.
It reinforces TVS SCS's commitment to exceptional logistics services between Germany and the Asia-Pacific region. Daimler Truck South East Asia selected TVS SCS after a thorough evaluation process, the company informed the bourses.
The partnership aims to create a robust logistics solution for distributing spare parts and related items, efficiently managing 8,000 SKUs and 65,000 order lines per year.
Also Watch: In an interview with CNBC-TV18, Ravi Viswanathan, MD of TVS Supply Chain Solutions spoke about the 5-year strategic contract which it signed with Germany's Daimler Truck.
Shares of TVS Supply Chain Solutions were trading 6.26% higher at ₹169.9 apiece on the BSE at around 10.11 am.
Also Read: ₹240 dividend distributor shares close to a record high after strong parent earnings
(Edited by : Mitali Mohite)
First Published: Jun 12, 2024 11:44 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!