The new 2 lakh sq.ft. sorting centre at Gur" />
The new 2 lakh sq.ft. sorting centre at Gur" />
Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Ground-breaking ceremony by TCI Express for new Sorting centres at Gurugram and Pune

Posted On: 2019-09-04 20:19:38

TCI Express Ltd. ("TCI Express"), market leader in express distribution in India, held an official ground-breaking ceremony for its two new sorting centres at Gurugram and Pune in Aug 2019.

The new 2 lakh sq.ft. sorting centre at Gurugram will be located at Farukhnagar and 1.5 lakh sq.ft. sorting centre at Pune will be located at Chakan. The construction is expected to be completed by end of the current fiscal year and operations are anticipated to begin from Q1 FY2021.

The owned sorting centres align with strategic objectives of TCI Express and provide necessary impetus to the company's growth trajectory, higher utilization and operational reliability. This will also create ample opportunities for investment in complete automation and implementation of business intelligent tools which will result in direct cost reduction benefits, shorter turnaround time and enhanced operational efficiencies in the long run.

Considering the recent developments, we have revised our expected Capex expenditure target for the fiscal year to Rs. 80 crore compared to previously envisaged Rs. 60 crore. This Capex will be primarily utilized for construction, automation and IT infrastructure development for the sorting centres. The entire expenditure will be funded through internal accruals.

Commenting on the performance, Mr. Chander Agarwal, Managing Director, said: "I am pleased to report that we recently held ground-breaking ceremony for two new sorting centres at Gurugram and Pune. The new sorting centres, cumulatively at 3.5 lakh sq. ft., are expected to become operational from FY2021. These new centres will boast state of the art IT Infrastructure and complete automation which will further improve our turnaround time, reduce direct cost and generate higher operational efficiencies. The target capital expenditure outlay for the year has been revised to Rs. 80 crore, which will essentially be utilized towards construction and IT infrastructure. The investment in two new sorting centres will generate new growth opportunities for business and create value for all our stakeholders in the long run."

Shares of TCI Express Ltd was last trading in BSE at Rs.630 as compared to the previous close of Rs. 625.35. The total number of shares traded during the day was 13990 in over 367 trades.

The stock hit an intraday high of Rs. 631 and intraday low of 620.1. The net turnover during the day was Rs. 8770154.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Som Distilleries & Breweries Ltd's subsidiary gets rating upgrade

PMLA Appellate Tribunal also releases assets of 63 moons from ED attachment

NHPC Limited approves debt raising of Rs. 2500 crore

Medicamen Biotech Ltd updates on acquisition of OPAL Pharmaceuticals Pty Ltd

CreditPilot and Tata Communications enter a financial technology partnership

Shares of Westlife Development Limited are now trading on the National Stock Exchange

ICRA revises ratings of UFO Moviez India Ltd

RTS Power Corporation Ltd changes rating agency

CRISIL assigns ratings to NGL Fine-Chem Limited

Tata Power Subsidiary to exit South African JV 'Cennergi' for USD 106 million

BEML and Wipro Infrastructure Engineering in strategic partnership

Ethos Ltd opens new store at Mumbai and closes store at Chandigarh

Glenmark receives Orphan Drug designation for GBR 1342

Asian Paints Ltd arm divests entires stake in Berger Paints Singapore Pte Ltd

CANYON terminates SPA to acquire TRF Ltd's step down subsidiary

Lemon Tree Hotels Ltd signs license agreement for 80 room hotel at Durgapur

Solix expands senior leadership team to accelerate Cloud Growth

Aavas Financiers raises INR 345 crore from IFC through NCDs

Satra Properties India Ltd has sold 49% in subsidiary

Bayer closes Monsanto integration in India

NACL Industries Ltd gets favorable verdict on insurance claim

ICRA credit Rating for Bank facilities of Banswara Syntex Ltd

American Express buys 9 acres land from DLF Group for its Office campus

SML ISUZU Ltd launches 'Executive Lx 5100 XT Bus'

CFO Tech Outlook recognizes Emagia as 'The Top 10 Fintech Solutions Providers 2019'

NBCC India Ltd signs MoU with Utkal University, Bhubaneswar

Central Bank of India changes Average Balance Charges in Savings Accounts on Monthly basis

General Motors and Tata Consultancy Services Launch New Partnership in Global Vehicle Engineering

ICRA downgrades outlook of Sandhar Technologies Ltd

USFDA issues DMF information request to SMS Pharmaceuticals Ltd

Wipro, lndustrie 4.0 Maturity Center Ink Strategic Partnership

Fintech Start-Up Tarrakki launch investment product in association with Reliance Nippon Life AMC

Asian Paints partners with Mahindra Logistics to strengthen its supply chain in Eastern India

Kaveri Seed Company Ltd board to consider buyback on Sep 24, 2019

Calcom Vision Ltd ties up with Bajaj Electricals Ltd

Skilling to Employment: Maruti Suzuki's Japan-India Institute for Manufacturing, Mehsana, Gujarat records 100% placement for the second consecutive year

V-Mart Retail Ltd opens two new stores in Bihar and Assam

Customer Experience (CX) Leader HGS Unveils HGS Digital to Provide Intelligent Innovation Solutions for Enterprise Clients

Kansai Nerolac Paints Ltd. creates a Floating Pookalam with recyclable Nerolac paint cans on the occasion of Onam

Bayer CropScience Ltd fixes Sep 26, 2019 as record date for merger

IND A1+ rating assigned to CPs of TV18 Broadcast Ltd

Aries Agro Limited completes stake sale in Amarak Chemicals FZC

IND A1+ rating assigned to CPs of Network 18 Media & Investments Ltd

IndiGo connects world's fastest growing economies - India and China

Mindtree to Provide SAP Support Services to Atotech

GE T&D India Ltd accepts resignation of Mr. Gaurav Manoher Negi as CFO

AAVAS Financiers Ltd to issue NCDs to IFC

ICRA assigns ratings to Thangamayil Jewellery Ltd for FY2019-20

Thomas Cook India launches 'Undiscovered Antarctica' in association with National Geographic Expeditions

Ice Make eyes new segments and international markets







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019