Gateway Distriparks jumps over 7%

Gateway Distriparks has shot up quickly to become the top gainer on the BSE currently, up over 7% at Rs.234.

The market is reacting to the news which came in just now that the following the personal hearing on February 25, 2016, Customs Department, Nhava Sheva, have revoked the suspension of Punjab Conware Container Freight Station (CFS) with immediate effect through an interim order pending issuance of a detailed formal order. \

Gateway Distriparks is operating the said CFS under an Operation & Management contract for a period of 15 years WEF Feb 01, 2007.

In an inspection by customs authority in Jan’16, it was noticed that a container has been stolen and replaced by another container. While the internal staff/ crane operator have been arrested, the main offender and the cargo are yet to be traced.. The suspension was initially for 15 days and yesterday was the day of review. This CFS contributes 40-45% to the revenues and cancellation of the suspension is good news.