Gati has moved higher by 16% to Rs 117 on the BSE on back of heavy volumes after the logistics company said it exploring the possibility of inducting a new financial/strategic partner.
“The board of directors of the company will meet on Thursday, April 26, 2018 to review, consider and pass the enabling resolution for exploring the possibility of inducting a new financial/strategic partner to augment the future growth of the company,” Gati said in a regulatory filing.
The trading volumes on the counter surged more than eight times with a combined 4.24 million shares representing 4% of total equity of Gati changed hands on the BSE and NSE till 10:55 am.
Thus far in the calendar year 2018, Gati had underperformed the market by falling 26% as compared to 1.2% rise in the S&P BSE Sensex till Monday.