Gati gains on plan to acquire Snapdeal’s logistics arm

NEW DELHI: Shares of Gati advanced in Monday's trade after the company expressed interest in acquiring Vulcan Express, the logistics arm of online marketplace Snapdeal.

Following the development, the scrip surged 1.76 per cent to Rs 130.40 on BSE. The stock opened at Rs 130 and touched an intraday high and low of Rs 131.50 and Rs 129.50 respectively, during the session so far.

The scrip touched its fresh 52-week high of Rs 189.45 on August 2, 2016 and its 52-week low of Rs 107.10 on November 9, 2016.

For the quarter ended March, the company reported revenue of Rs 122.38 crore and net profit of Rs 7.70 crore.

Promoters held 37.12 per cent stake in the company as of March 2017.

Gati, incorporated in the year 1995, is a small-cap company with a market capitalisation of Rs 1,256.68 crore.

Reports suggest that private equity firm Peepul Capital and TVS Logistics have also expressed interest in acquiring the Snapdeal arm.