Logistics companies in demand following Budget announcement on setting up of new cargo terminals

Shares of logistics companies advanced after the Union Finance Minister Nirmala Sitharaman announced plans to set up 100 cargo terminals in the coming years.

Allcargo Logistics (up 3.48%), Aegis Logistics (up 2.52%), VRL Logistics (up 1.74%) and Snowman Logistics (up 1.39%) edged higher.

"100 Cargo Terminals under PM Gati Shakti will be developed in the next few years, the Finance Minister said.

Finance Minister Nirmala Sitharaman is currently presenting the Union Budget for the Financial Year 2022-23 in the Lok Sabha. The copy of the Budget will be laid on the Table of the Rajya Sabha soon thereafter.

This is the fourth budget to be presented by Finance Minister Nirmala Sitharaman in Parliament. For the Budget-2022-23, the Finance Minister had held several pre-budget consultation meetings with stakeholder groups including economists, agriculture and agro processing industry, trade union and labour organizations, financial sector and capital markets, industry, services and trade, social sector, infrastructure and climate change sector. Sitharaman had also held pre-budget consultation with finance ministers of states and union territories for the budget.

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