Shares of Snowman Logistics jumped as much as 3.1 percent on Wednesday to a 52-week high of Rs 57.80 after the company's promoter Gateway Distriparks acquired more stake from the open market.
In an exchange announcement, Snowman Logistics mentioned that its promoter, Gateway Distriparks had acquired 5.5 lakh shares of the company from the Open Market on Tuesday, September 5.
The number of shares purchased amount to 0.33 percent of the overall equity and that takes Gateway Distriparks' stake in Snowman Logistics to 43 percent from 42.67 percent earlier.
Snowman Logistics provides temperature controlled logistics services for dairy, fruits and vegetables, poultry and meat, sea food and pharmaceutical products.
Gateway Distriparks has been consistently increasing stake in Snowman Logistics. A few weeks ago, it had acquired another 11 lakh shares or 0.66 percent stake from the open market. Based on the June quarter shareholding, Gateway Distriparks held 41.75 percent stake in the company.
In an interaction with CNBC-TV18 on August 3, Gateway Distriparks' Prem Kishan Gupta had mentioned that they would look to increase their stake further in Snowman Logistics.
Shares of Snowman Logistics are up for the seventh day in a row. The last time it gained seven days in a row was back in 2022, between December 26 to January 3, 2023. The stock does not have any analyst coverage.
The stock is currently trading 2.8 percent higher at Rs 57.50.
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