Gati slips and Allcargo rises
By
Ruma Dubey
about 4 years ago
GATI is down in the red today morning, slipping almost 5% to an intraday low at Rs.62.80. Its 52-week high and low is at Rs.94.85 and Rs.35.50 respectively.
On the other hand, Allcargo Logistics rose over 4% to Rs.98 and volumes have gone up almost 3 times.
The market seems to be happy with Allcargo and not so much with Gati as the former acquired 1.04 crore shares or 19.4% stake of Gati at Rs.75/share.
Allcargo has made an open offer to buy this 26% stake at the same, Rs.75/share.
Allcargo will also effectively take over management control.
The acquisition, expected to be completed by March 30 next year, is subject to approval from shareholders and other authorities.