Logistics stocks are gaining ground as the GST Council is likely to endorse additional legislation for implementation of the GST.
The Council in the prior meeting has approved the final draft of the integrated GST (IGST) and central GST (CGST). The panel on March 16 will take the drafts up for approval from Union Territory GST (UTGST) and state GST (SGST).
Later, the supporting legislations together with a GST Compensation Law will go to the Cabinet for a formal approval, prior to presenting it in the Parliament in the Budget sessions which will end on April 12.
Transport and logistics stocks up, where TCI Express is up by 10.5%, Transport Corp
is up by 7.1%, Chartered Logistics is up by 4.7%, Snowman Logistics is up by 3.3%, All Cargo is up by 2.6%, VRL Logistics is up by 2% and Arshiya is up by 2%.
Transport Corporation of India Ltd is currently trading at Rs 232.3, up by Rs 9.65 or 4.33% from its previous closing of Rs 222.65 on the BSE.
The scrip opened at Rs 227.85 and has touched a high and low of Rs 244.5 and Rs 227.85 respectively. So far 603393(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1705 crore.
The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 231.4 on 15-Mar-2017 and a 52 week low of Rs 140.19 on 06-May-2016. Last one week high and low of the scrip stood at Rs 231.4 and Rs 203.8 respectively.
The promoters holding in the company stood at 66.08 % while Institutions and Non-Institutions held 11.07 % and 22.85 % respectively.
The stock is currently trading above its 50 DMA.