Allcargo Logistics climbs 4% on approval to buy controlling stake in Gati

The company has already chalked out a plan to become a majority stakeholder in the express business, its chairman said.

Shares of Allcargo Logistics climbed up to 4 per cent to Rs 98 on the BSE in the intra-day trade on Friday, a day after the company got approval to acquire 44.64 per cent stake in Gati. 

At 12:29 am, the stock was trading over 2 per cent higher at Rs 96.15 apiece on the BSE. Gati, on the other hand, slipped around 3 per cent to Rs 64. In comparison, the S&P BSE Sensex was trading 0.23 per cent lower at 40,685 levels.

Allcargo Logistics (AGLL) at its board meeting on Thursday approved a share purchase agreement (SPA)