Shares of Gati received a bump on Monday afternoon as the company announced parenting with the Mahindra Group.
What Happened: The logistics company on Monday announced partnering with Tech Mahindra to “build future-ready software application – Gati Enterprise Management System (GEMS) 2.0.”
As per the company’s statement, the new applications will replace its legacy application with a digital, scalable, and more agile cloud-based application to improve operational performance and enhance customer experience.
Tech Mahindra will enable Gati, over the next 18-24 months, to custom develop GEMS 2.0 from
scratch. The software will be developed in modules like pickup, delivery, en route, customer contracts, invoicing, etc.
The announcement saw Gati’s share price jump out of the red on Monday. The Mukul Agrawal-backed stock surged over 3% to hit an intraday high of ₹153 after the announcement was made around 1:40 pm. Agrawal owns a 5.38% stake in the company.
Get all the latest Share Market trends and news to set you up for the week ahead.
Price Action: Gati’s share price was up 2.45% to trade at ₹150.65 in the late hours of trading on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.