Why This Mukul Agrawal-Backed Micro Cap Stock Is Climbing 5% Today

Shares of Gati bumped up on Friday afternoon going up close to 5% to hit an intraday high of ₹138.85.

What Happened: The logistics firm on Thursday launched an advanced Surface Transhipment Centre and Distribution Warehouse (STCDW) at Mayasandra, on Bengaluru’s outskirts. The new STCDW sprawling over 3.5 lakh square feet, has a Grade A warehouse of 1.5 lakh square feet, 70 truck bays and an ability to handle over 500 vehicles daily. With a throughput capacity of around 40,000 tonnes monthly, this facility is designed to cater to multiple industries such as automotive, apparel, heavy engineering and retail.

See Also: This Small Cap Has Surged 17% Since Listing, Analyst Sees Further 36% Rally

Equipped with cutting-edge warehousing technologies and inventory management systems, the Mayasandra STCDW enables businesses to monitor their stock, streamline order fulfilment, and prevent stock-outs or overstocking situations, the company revealed in a press release. Mayasandra
STCDW is the fifth super hub launched by Gati.

The stock that was trading flat saw an immediate bump as soon as the announcement was made at around 12:30 p.m. The announcement also helped the Mukul Agrawal-backed stock halt its three-straight session losing streak. Agrawal owns a 5.38% stake in the company.

Price Action: Gati’s share price was up 3.88% to trade at ₹137.95 in the late hours of trading on Friday.

Read Next: Tata Technologies CEO Lays Out Post-IPO Plans, Chipmaking On The Cards

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesMarketsMoversTrading IdeasGatiMukul Agrawal