Logistics stocks soar as GST rollout nears

India Infoline News Service | Mumbai | June 20, 2017 15:11 IST

Logistics stocks on Tuesday’s trading session jumped as the Finance Minister Arun Jaitley during a press conference said that the GST switch-over will happen from June 30 midnight and roll-out on July 1.

Logistics stocks on Tuesday’s trading session jumped as the Finance Minister Arun Jaitley during a press conference said that the GST switch-over will happen from June 30 midnight and roll-out on July 1.
 
Soon after the development, stocks such as Snowman Logistics rose 9%, Patel Integrated rose 7%, Sical Logistics rose 6%, Gati rose 5%, Container Corporation of India rose 5%, Allcargo Logistics rose 2.5%.
 
All states have passed GST laws except Jammu and Kashmir and Kerala. Kerala will pass GST law in this week. All decisions by the GST council have taken with consensus.
 
He also added that the revenues of the states and spending capacity of the government at centre and states are likely to increase and positively impact on the GDP of the country.



Stock view:
 
Snowman Logistics Ltd is currently trading at Rs 59.5, up by Rs 5.45 or 10.08% from its previous closing of Rs 54.05 on the BSE.
 
The scrip opened at Rs 54.2 and has touched a high and low of Rs 59.9 and Rs 54 respectively. So far 3726388(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 903.11 crore.
 
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 93.85 on 02-Aug-2016 and a 52 week low of Rs 48.25 on 22-Nov-2016. Last one week high and low of the scrip stood at Rs 56.35 and Rs 53.75 respectively.
 
The promoters holding in the company stood at 40.25 % while Institutions and Non-Institutions held 1.27 % and 58.48 % respectively.
 
The stock is currently trading above its 200 DMA.


***Note: This is a NSE Chart

Disclaimer: The contents herein is specifically prepared by ‘Dalal Street Investment Journal’, and is for your information & personal consumption only. India Infoline Limited or Dalal Street Investment Journal do not guarantee the accuracy, correctness, completeness or reliability of information contained herein and shall not be held responsible.

 

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