Gateway Distriparks surges 5% as ICD Faridabad connects to DFC
- Hot Stocks
admin
- 0
- 3 minutes read
ICD Faridabad is situated in the Delhi NCR region, and is connected to the state highway and the rail network.
Shares of Gateway Distriparks Ltd surged 5 percent in the morning trade on June 9, after its Inland Container Depot (ICD) in Faridabad connects to Western Dedicated Freight Corridor (DFC).
At 11:17 am, the company’s stock was trading at Rs 74.60, representing a 5.29 percent rise on the NSE.
The integrated intermodal logistics service provider on June 6 announced that it has successfully operated a container train on DFC from its ICD in Faridabad, Haryana to Mundra Port in Gujarat. Departing from ICD Faridabad on June 2, the train completed the journey with a transit time of 30 – 32 hours. Using the traditional Indian Railways network the same route would require 56 hours, said the regulatory filling.
This signifies an important step towards the connectivity of Gateway Distriparks on the DFC network, using its second ICD in the National Capital Region (NCR). ICD Faridabad is situated in the Delhi NCR region, and is connected to the state highway and the rail network. The facility is spread over 65 acres and boasts container handling capacity of 1.5 Lakh TEUs per annum. NCR is a hub for export-import and domestic cargo and Gateway Distriparks steadily aims to enhance its market share by leveraging its two key ICDs located just outside Delhi.
Samvid Gupta, Joint MD, Gateway Distriparks, stated that train services on the DFC from a second ICD demonstrates the company’s network advantage, which they aim to leverage to add value for customers, improve sustainability and efficiency of operations. Furthermore, they plan to utilize ICD Faridabad as a second hub location in the North, to enable reduced transit times for EXIM (export-import) customers, said Samvid Gupta.
Additionally, Gupta highlighted the ongoing track doubling work between ICD Faridabad and the DFC hub station in Prithla. The development expected to complete by September 2023, will enable Gateway Distriparks to operate double stack trains from ICD Faridabad to Mundra and Pipavav port using DFC Network.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions
