Shares of logistics company Gateway Distriparks, which was re-certified on Tuesday after the merger plan, ended up trading at Rs 75, valuing the company at Rs 3,730 crore.
Street had expected the stock to list above Rs 90 – close to the pre-merger adjusted price.
After the merger scheme, two of its subsidiaries – Gateway East India and Gateway Rail Freight ceased to exist.
Reorganized to achieve more operational synergies, improve cash flow and reduce costs. Philip Capital in a recent note issued a price target of Rs 111 per share.
Gateway Distriparks is India’s leading private railway operator and container shipping terminal (CFS).
Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.
Support quality press and Subscribe to Business Standard.