Shares of Gati were surging on Monday morning with the stock going up over 9% to hit an intraday high of ₹161.90.
What Happened: The surge today comes as the logistics company posted its business update for the quarter ended September. During the quarter, the company experienced strong pre-festive orders, resulting in a total volume of 333,000 kilotons, marking an 18% year-on-year (YoY) increase.
As for the month of September, the total volume, which includes both surface and air express, amounted to 109,000 kilotons. This figure represents an 8% increase compared to September 2022 but a 3% decrease compared to August 2023.
The company in an exchange filing said that it is optimistic about the current month and expects the positive momentum to continue. Additionally, the company added that its Bengaluru transhipment hub is now fully operational.
The Mukul Agrawal-backed stock also seems to be gaining strength as domestic brokerage firm Nuvama initiated coverage on the stock with a “buy” rating and a target price of ₹234. The price indicates a close to 60% upside from the stock’s last closing price of ₹147.40. Agrawal owns a 5.38% stake in the company.
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Price Action: Gati’s share price was up 9.06% to trade at ₹160.75 in the early hours of trading on Monday.
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