 "Allcargo Gati up 3% on board's nod for selling fuel station for Rs 3 cr")
Allcargo Gati shares gained 3.3 per cent in Tuesday's trade, logging an intraday high at Rs 92.28 per share on BSE. The buying in the stock came after the company's board approved the sale of a fuel station located at Belagavi, Karnataka.
Around 11:17 AM, Allcargo Gati Ltd share price was up 1.25 per cent at Rs 90.40 per share on BSE. In comparison, the BSE Sensex was up 0.33 per cent at 78,800.57. The market capitalisation of the company stood at Rs 1,329.44 crore. The 52-week high of the company stood at Rs 134.25 per share and the 52-week low stood at Rs 88.37 per share.
"We wish to inform you that the Board of Directors vide resolution passed by circulation today, i.e., December 23, 2024, have interalia, approved the sale of Fuel Station of the Company located at Belagavi, Karnataka, India," the filing read.
The agreement for sale will be executed by January 2025, at Rs 3 crore. The buyers of the sale include Ankit Kumar Agrawal, Mohanlal Agrawal, Akanksha Rastogi, and Narendra Rastogi.
Allcargo Gati is an Indian logistics company headquartered in Hyderabad, Telangana. It engages in surface and air express logistics, warehousing, supply chain, air freight, and e-commerce services. Founded in 1989, Gati first started operations between Madras (now Chennai) and Madurai.
In 2021, Allcargo Logistics merged with Gati, enhancing its logistics capabilities, particularly in the express cargo and e-commerce segments. This acquisition allowed Allcargo to expand its market share in India, complementing its global logistics business with Gati's strong domestic presence. The merger combined Allcargo's multimodal expertise with Gati's express delivery network, creating a more robust logistics platform.
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Gati Ltd. is an Indian logistics company known for its expertise in express distribution and supply chain management. It provides a wide range of services, including express cargo, parcel delivery, and logistics solutions for e-commerce, retail, and cold chain segments. Gati has a strong domestic presence in India and has built a reputation for timely deliveries and extensive reach.
In the past one year, Allcargo Gati shares have lost 26.8 per cent against Sensex's rise of 10 per cent.