Navkar Corporation climbs over 7% as board approves transfer of assets to Adani Logistics

Shares of logistic service provider Navkar Corporation rallied as much as 7 per cent to Rs 62 after company board approved the transfer of its title, rights, interest and ownership of movable assets of worth Rs 1,73.96 crore to Adani Logistics.

“The consideration amount shall be used for further expansion of business and purchase of new trailers for the new project Inland Container Depot situated at Morbi,” the company said in the BSE filing.

At 10:26 am, the stock was trading 6 per cent higher at Rs 61 over its previous day’s closing price of Rs 57 a piece. In the last six months, the stock has risen 66 per cent, while it has surged nearly 42 per cent year-to-date.


As per Trendlyne data, the highest target for Navkar Corporation goes up to Rs 98, suggestingan upside of the potential of around 70 per cent from the current prices. The consensus recommendation from one analyst for the stock is a strong buy.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)