TCI Express climbs 5% as co decides to acquire stake in Japanese firm

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TCI Express climbs 5% as co decides to acquire stake in Japanese firm

TCI Express shares rallied 4.6 percent intraday to hit a fresh 52-week high of Rs 766.20 on March 13 as the company became a key shareholder in a Japanese firm.

The stock was quoting at Rs 735.00, up Rs 2.25, or 0.31 percent on the BSE, at 1235 hours IST.

“Company is in process of acquiring 7.7 percent stake for 20 million yen in Uketoru Co Ltd, which reported turnover of 13,65,635 yen in the year ended March 2018,” the logistic company said in its filing.

Uketoru is an express B2C technology company and its acquisition is a strategic investment for business growth of the company, it added.

TCI Express is expected to complete the acquisition of stake by April 30, 2019.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-03-13 20:58:13

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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