Western Carriers shares rise over 16% as co inks ₹139 crore work order with Vedanta

Western Carriers said in a regulatory filing that the work order is an “Import, Finished Goods Domestic and Export Material Handling Contract” at Vedanta’s Jharsuguda (JSG) plant. The pact will span over four years.

“This order entails the Import, Finished Goods Domestic and Export Material Handling Contract at Jharsuguda Plant. The total value of the order is approximately ₹139 crore for a duration of four years,” the Kolkata-based company said in a press release on Friday.

“This order not only strengthens our relationship with our marquee client Vedanta but also opens avenues for future projects within the mining and mineral sector. This new order represents a significant milestone in our ongoing partnership. It is a testament to our consistent delivery of high-quality solutions and our ability to meet the evolving needs of our clients,” Kanishka Sethia, the CEO of Western Carriers commented.

As of 3:00 pm, the stock was trading at ₹123.01, up 6.13% on the National Stock NSE.

Western Carriers became a public company on September 24. It was listed at ₹171 on the NSE and ₹170 on the BSE, a discount of 0.58% and 1.16%, respectively, from the issue price of ₹172.

The IPO was oversubscribed by 30.46 times, with non-institutional leading at 44.67 times subscription. The company hits its 52-week high of ₹177 on the NSE on the day of its listing.

Western Carriers is a multimodal, rail-focused, 4PL asset-light logistics company. Its services include single-window logistics, multimodal transportation, rail transport, road transport, cargo handling services, customs house agency, ocean and air freight, and warehouse or redistribution centers.

The company has a total market capitalisation of ₹1,253.23 crore as of January 3, 2025, according to the NSE.