Logistics companies rise on hopes of GST
DSIJ Intelligence / 19 May 2016
Gati was the top gainer with 6 percent gains. Gati managed to close at 125, thus gaining 7.25 on Thursday at market closing hours. Snowman Logistics,VRL Logistics, Allcargo Logistics and Bluedart were all trading in green.
With the BJP and its allies taking centre stage in the state elections, the GST Bill no longer seems to be a distant dream and has left its repercussions on the Logistics sector.
Shares of Logistics companies gained on a day when the broader market traded down throughout the session and managed to close at 25,399; down by almost 1.19 percent.
Gati was the top gainer with 6 percent gains. Gati managed to close at 125, thus gaining Rs.7.25 per share on Thursday at market closing hours. Snowman Logistics,VRL Logistics, Allcargo Logistics and Bluedart were all trading in green.
Snowman Logistics closed at 59 up by 2.87 percent. VRL logistics closed the trading session at 394.60, up by almost 0.66 percent. Allcargo Logistics was up by 5.4 percent at 153. Bluedart was up by almost 0.23 percent at 5451.
Transport Corporation of India (TCI) bucked the trend in the sector by closing in red at 275.55, down by almost 0.22 percent. Sical Logistics however closed flat at 134.90 levels.
The spike in logistics shares was due to hopes raised by Mamata Banerjee's coments on GST bill. She mentioned in her comments to media post victory in West Bengal that she would like to support the GST bill.
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