Gateway Distriparks gains after board OKs interim dividend

Gateway Distriparks rose 3.03% to Rs 90.15 after the company's board approved an interim dividend of Rs 2 per equity share for the financial year 2020-21.

At the current market price, it translates to a dividend yield of 2.22%. The record date for the interim dividend is Thursday, 8 October 2020 and the date of payment shall be on or before Thursday, 22 October 2020, the company said in a BSE filing made during market hours today.

Further, the company's board decided to relieve Sachin Bhanushali has as the company's CEO in order to enable him to focus on the expansion of the company's rail vertical.

"Prem Kishan Dass Gupta, CMD of the company will take additional charge of managing day to day activities of the CFS vertical of the company," Gateway Distriparks said in a statement.

Gateway Distriparks is the only logistics facilitator in India with three verticals which are synergetic and capable of being interlinked - Container Freight Stations (CFS), Inland Container Depots (ICD) with rail movement of containers to major maritime ports, and Cold Chain Storage and Logistics.

The company's consolidated net profit slumped 80.7% to Rs 11.26 crore on a 31.5% fall in net sales to Rs 252.78 crore in Q1 FY21 over Q1 FY20.

On a year-to-date (YTD) basis, the stock has declined 25.87% while the benchmark S&P BSE Sensex has lost 8.16% during the same period.

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