Logistics stocks today surged up to 10.2 per cent as the much-awaited Goods and Services Tax (GST) is set to roll out from midnight of June 30-July 1. Shares of Snowman Logistics soared 10.18 per cent, Gati jumped 5.52 per cent, Kesar Terminals & Infrastructure (2.45 per cent), Allcargo Logistics (1.81 per cent), VRL Logistics (1.69 per cent) and Tiger Logistics (1.21 per cent) on BSE.
“Uncertainty regarding GST transition hurdles capped the gains in the domestic indices, but logistic and transport sectors exhibited a sharp surge eyeing the GST roll out approaching fast,” said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.
Reminiscent of India’s tryst with destiny at the mid- night of August 15, 1947, Parliament’s historic Central Hall will host a function on the intervening night of June 30-July 1 to ring in the nation’s biggest tax reform — GST.
Announcing that the switchover to the Goods and Services Tax (GST) will kick in at the stroke of mid-night, Finance Minister Arun Jaitley said the hour-long function will mirror the contribution made by different political parties and states to the revolutionary new tax regime.