Shares of Gati surged over 4 percent to the day’s high of Rs 138 per share on November 24 after the company launched an advanced mega surface trans-shipment centre and distribution warehouse (STCDW) in Bengaluru. The S&P BSE Sensex was flat at 65,947, as of 13:55pm.
In the past three months, this logistics stock has declined 8 percent as against a 1 percent rise in the benchmark Sensex. Earlier, Gati shares touched a 52-week high of Rs 177 apiece on September 14.
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In an exchange filing dated November 24, Gati announced the launch of a state-of-the-art and tech-enabled surface transshipment centre and distribution warehouse at Mayasandra in Bengaluru, Karnataka.
“Mayasandra STCDW has 70 truck bays of managing more than 500 vehicles per day. The Mayasandra STCDW is equipped to deliver daily throughput of 1,600 tonne and monthly throughput of 40,000
tonnes. STCDW caters to multiple industries including automotive, apparel, heavy engineering, retail etc," the filing added.
The launch of Mayasandra STCDW is a part of Gati’s plan to build 21 modern, automated and environmentally friendly STCDWs. Gati has set up STCDWs in Farukhnagar (Gurugram), Nagpur, Guwahati, and most recently in Bhiwandi (Mumbai).
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"The tech-enabled STCDW will pave the way for greater customer centricity at Bengaluru, the Silicon Valley of India and a key consumption centre of the country. With advanced infrastructure, ramped up cargo processing
capacity and environmentally sustainable initiatives, the STCDW will strengthen our position in the express logistics space," said Pirojshaw (Phil) Sarkari, MD and CEO, Gati Express and Supply Chain.
Allcargo Gati is one of India’s premier Express Distribution companies. With a strong presence across Asia, including a nationwide network that covers 99 percent of the country's districts, Allcargo Gati’s unparalleled reach creates the unique advantage of covering every part of India.
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