Gateway Distriparks rallied 6.55% to Rs 100 after the company said its board approved exploring various structures for streamlining the businesses currently being carried out by different group entities.
The board of directors of Gateway Distriparks (GDL) at its meeting held on 3 September 2020 approved to explore various structures for streamlining the businesses currently being carried out by different group entities. These entities include Gateway Rail Freight and Gateway East India.The board also approved evaluating options for undertaking internal group restructuring (proposed restructuring) as may be permitted under applicable laws, including but not limited to mergers, reverse merger, demerger or any other form of business restructuring which is beneficial to the company and all stakeholders involved.
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.
On the technical front, the stock's RSI (relative strength index) stood at 70.45. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 86.10 and its 200-day moving average (DMA) placed at 96.56.
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