Gati surges 20% on heavy volumes

At 1240 hours, a combined 10.28 million shares have already changed hands and there are pending buy orders for 1.56 million shares on the BSE and NSE.

Gati Limited is locked in upper circuit of 20% at Rs 43.95, extending its previous day’s rally, on back of heavy volumes on the bourses.

The stock opened at Rs 36.80 on the BSE and has seen an over three-fold jump in trading volumes. A combined 10.28 million shares already changed hands on the counter till noon deals against an average sub 2 million shares that were traded daily in past two weeks on the BSE and NSE. There are pending buy orders for 1.56 million shares at 1240 hours
 

In past two trading sessions, the stock has surged 30% from Rs 33.80 after the lender IL&FS Financial Services sold 1.5 million shares of the company for Rs 5.33 crore through open market. The name of the buyers is not immediately known.

On December 26, the IL&FS Financial Services had sold 900,000 shares of Gati at price of Rs 35.33 per share on the NSE and offloaded 600,000 shares at Rs 35.75 on the BSE, the bulk deal data shows.

Meanwhile, IL&FS Trust Company has invoked 3.5 million shares representing 4.04% stake TCI Finance in the company between December 20 and December 27, express distribution and supply chain solutions firm Gati said in a regulatory filing.

Post sale, TCI Finance, the promoter’s holding in the company has declined to 8.92% from 12.96% earlier, it added.

As on September 2013, the promoters of Gati had pledged 27 million shares or 83% of their holding in the company with lenders.