Navkar Corporation soars on getting nod to transfer business to Adani Logistics

Navkar Corporation is currently trading at Rs. 74.85, up by 4.05 points or 5.72% from its previous closing of Rs. 70.80 on the BSE.

Navkar Corporation3
Navkar Corporation3

The scrip opened at Rs. 71.05 and has touched a high and low of Rs. 75.90 and Rs. 71.05 respectively. So far 351856 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 90.00 on 16-Aug-2022 and a 52 week low of Rs. 31.30 on 24-Feb-2022.

Last one week high and low of the scrip stood at Rs. 90.00 and Rs. 68.25 respectively. The current market cap of the company is Rs. 1065.68 crore.

The promoters holding in the company stood at 69.03%, while Institutions and Non-Institutions held 0.46% and 30.51% respectively.

Navkar Corporation has received approval for transfer of its title, rights, interest, ownership and the operations of its ICD ‘Tumb’ Business Undertaking situated at Tumb Village, Taluka Umbergaon, Dist. Valsad, Gujarat as a going concern, on an ‘as is where is’ basis (Business Undertaking) for a lumpsum consideration of around Rs 835 crore to Adani Logistics. The board of directors of Navkar Corporation at its meeting held on August 16, 2022 has approved the same.

The Company will utilize the consideration amount to repay the existing debt exposure and it will become 100% Debt Free. Balance consideration amount shall be used for expansion of upcoming project Inland Container Depot (ICD) situated at Manaba, District Morbi, Gujarat, further new expansion and create the value for stakeholders. Assets monetization of ICD situated at Tumb, Vapi and all the future investments will be align with business strategy and exploring various available options for further expansion.

Navkar Corporation is engaged in the operations of Container Freight Station (CFS) and Inland Container Depot (ICD).

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