Stock Market News: Tiger Logistics Shares Jump Around 5 Percent as Company Decides to Consider Stock Split Soon

Shares of Tiger Logistics (India), a logistics solution provider, jumped around 5 per cent on Friday as company has informed exchanges that its board of directors is scheduled to meet next month to consider the sub-division/split of existing equity shares.

Stock Market News: Shares of Tiger Logistics (India), a logistics solution provider, jumped around 5 per cent on Friday as company has informed exchanges that its board of directors is scheduled to meet next month to consider the sub-division/split of existing equity shares. According to the exchange filing, the meeting will take place on January 9.

“The proposal for sub-division/split of existing Equity Shares of the Company having a face value of Rs. 10/- each, fully paid up, in such manner as may be determined by the Board of Directors subject to the approval of Shareholders of the Company and/or any other regulatory/statutory approvals (if any),” the company said in a regulatory filing.

Meanwhile, the company is aggressively working on the launch of the Beta version of FreightJar (Digital Logistics Platform). It said in a statement that the the new platform will focus on the global market (overseas importers, exporters and overseas logistics companies).

For the unaware, Freightjar is a proprietary platform of Tiger Logistics and was launched in the month of April, 2023.

“In the Beta Version, the company is making provisions that the international importers and exporters can directly access freight rates from India to various part of the world and vice-versa and they can book shipments online,” the company said in a statement.

Meanwhile, India’s logistics costs have fallen to 8.9 per cent of gross domestic product (GDP), as better infrastructure created by higher government expenditure on highways, ports and digitisation has speeded up the movement of cargo.