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Logistics stocks rally up to 10% after Jaitley sticks to July 1 GST rollout

While addressing the media in New Delhi, Jaitley said GST should have a positive impact on the GDP

SI Reporter  |  New Delhi 

logistics

Shares of logistics companies such as VRL Logistics, Snowman Logistics, and etc advanced up to 10% in an otherwise flat market after Finance Minister announced that switch-over to Goods and Services (GST) will happen from June 30 midnight, and that industry must be prepared for short-term challenges on rollout.

surged as much as 9.7% to Rs 59, while rallied 6% to Rs 352 on the BSE. hit an intraday high of Rs 133.60, up nearly 7%, while also rose 3%. 

Blue Dart Express, Tiger Logistics and Kesar Terminals & Infrastructure were also up in the range of 1-3%.   

While addressing the media in New Delhi, Jaitley said should have a positive impact on the GDP. Over medium to long term, revenues of Centre, states will grow; size of the formal economy will grow too, he added. 

President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and former Prime Minister Manmohan Singh will be among those who will attend the special event, Jaitley told the media here.

Meanwhile, on Sunday,  Council decided to introduce the new indirect tax system from the midnight of June 30-July 1, but gave a relaxed timetable and exemption from penalties and late fees to industry while filing returns in the first two months. CLICK HERE FOR THE FULL REPORT 

First Published: Tue, June 20 2017. 13:32 IST
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