India Movers: Allcargo Logistics, Allcargo Gati, GMR Infrastructure, Railtel

Arun Goswami
22 Dec, 2023
Mumbai

Stocks in Mumbai rebounded and trimmed weekly losses and investors reacted to domestic corporate news in the absence of economic releases. 

The Sensex index increased 233.80 points to 71,188.05, and the Nifty index rose 113.45 points to 21,368.45.

For the week, the Sensex eased 0.2% and the Nifty decreased 0.4%. 

GMR Airports Infrastructure gained 4.6% to ₹76.44 after the company signed an agreement to invest ₹675 crore in the planned airport at Bhogapuram, Andhra Pradesh.

Railtel Corporation increased 3.2% to ₹301.10 after the company won an order of ₹66.8 crore.

Allcargo Logistics gained 8.3% to ₹306.50 and Allcargo Gati advanced 1.4% to ₹140.0 after the boards of two companies agreed to restructure businesses.

Allcargo Logistics will manage the express and contract logistics business, and the international business will be spun off as a separate business as Allcargo ECU Ltd.

Allcargo Logostics shareholders will receive one-to-one additional shares in Allcargo ECU Ltd.

Allcargo Gati shareholders will receive 63 shares in Allcargo Logistics for every 10 shares held.

The latest restructuring scheme will take into account the 3-to-1 bonus approved by Allcargo Logistics shareholders. 

Zomato Ltd. increased 2% to ₹129.95 after the delivery company confirmed that the company is not looking to acquire Shiprocket valued at ₹17,000 crore rupees.

Tata Motor gained 2.8% to ₹729.15, and Tata Motor DVR added 2.9% to ₹488.45 after the BSE and NSE approved the company's plan to exchange shares of Tata Motor DVR for Tata Motor.

Life Insurance Company of India, or LIC, jumped 5.4% to ₹805.0 after the Ministry of Finance granted an exemption until 2032 to meet the 25% minimum public shareholding rule.