Snowman Logistics jumps 7% after Gateway Distriparks buys 14 lakh shares

Shares of Snowman Logistics Ltd jumped 7 percent in early trade on June 9 after Gateway Distriparks picked up stake in it. At 9:55am, the Snowman stock was trading 5.68 percent higher at Rs 45.60 on the NSE.

Gateway Distriparks has acquired an additional 14 lakh shares in the logistics company through open market transactions at an average price of Rs 43.32 per share. In previous session, too, Gateway Distriparks bought 11 lakh shares or 0.65 percent stake in the company.

Management Commentary

“Our financial performance has not only recovered but surpassed the pre-Covid levels. We are pleased to announce that our diligent efforts, strategic initiatives and strong execution have enabled us to achieve outstanding results. We have witnessed a significant rebound in our operations demonstrating the resilience and adaptability of our business model, we remain focused on capitalising on this momentum and continuing to deliver exceptional value to our stakeholders,” Sunil Nair, CEO and Whole Time Director at Snowman Logistics, said at the recent earnings call conference.

Stock Performance

Snowman Logistics has given a return of 17.83 percent over the last six months, outperforming the benchmark Nifty50 index which has remained flat.

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