Small Cap Stock Rockets 15% As Promoter Raises Stake

Shares of Snowman Logistics surged up close to 15% on Monday morning to hit a new 52-week high of ₹84.80.

What Happened: The massive surge today comes as the company on Monday informed the stock exchanges that promoter firm Gateway Distiparks raised its stake in the company. As per the disclosure the promoter bought up another 8 lakh shares of the company.

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The promoter firm bought 8 lakh shares of 0.48% stake in the company through open market transactions on February 19. The promoter has been consistently increasing its holding in the stock. By the end of September 2023, the company held around 43% stake. With this transaction, Gateway Distiparks’ holding in the company has gone up 44.75%.

The announcement has helped the stock continue to make gains for the fourth straight session. The small-cap stock has had a great run at the bourses over the past few months. In the last six months, the stock has gone up over 70%.

Price Action: Shares of the company were up 14.32% to trade at ₹84.60 shortly after market open on Monday.

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