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Snowman Logistics shares rallied nearly 9 per cent as the company has tied up with Swedish home furnishing major IKEA to manage the back-end operations of its in-store restaurant business in the country.
“Snowman Logistics ...has partnered with IKEA to manage the back-end operations of its in-store restaurant business in India. Snowman will be the exclusive partner and extend support at pan-India level as IKEA opens stores in various cities,” Snowman Logistics said in a BSE filing today.
After opening the session at Rs 50.75 against the previous close of Rs 50, the stock touched an intraday high of Rs 54.40 and a low of Rs 50.75 on the BSE.
At 2.30 pm local time, the shares were trading higher by 6.5 per cent at Rs 53.25 on the BSE. On the NSE, the shares were up 6.5 per cent at Rs 53.15.
IKEA is expected to open its first store in the country in Hyderabad in 2018.
IKEA India Country Food Manager Henrik terstraid: “IKEA Food is an important part of our plans in India. Our restaurants will be one of the largest ones in the world with around 1,000 seats, 100 plus co-workers and will come with a mix of Indian and Swedish food at affordable prices.''
Snowman Logistics, at present, extends back-end support to brands, including KFC, Subway, Domino’s Pizza and Cafe Coffee Day.
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