Gati hits a new high

Gati had hit a new high yesterday at Rs.93.50, on 31st March at Rs. 83.30 and today too, it hit another new high at Rs.94.20. Though it has currently come off the new high, it remains firmly in the green.

This spur of activity in the stock is based on news that Japanese company Kintetsu World Express has acquired 5% stake in the company through an off-market deal yesterday. Kintetsu acquired 43.29 lakh shares, which is 5% of the total equity of Gati, for around Rs.35 crore.

Gati and Kintetsu World had formed a JV known as Gati-Kintetsu Express in 2012,  bringing in Rs.267 crore for a 30% stake in the JV, after which it had expanded its warehousing and other infrastructure facilities.