Logistics stocks surge up to 6% on GST hopes

Logistics stocks today gained up to 6 per cent amid anticipation of positive announcements on the GST front as the GST Council meeting got under way to decide on rates and slabs of the indirect tax, due to be rolled out from April 1 next year.
Shares of Snowman Logistics surged 6.11 per cent, Gati 4.84 per cent, Allcargo Logistics 2.79 per cent, VRL Logistics 1.78 per cent, Transport Corporation of India 0.92 per cent and Blue Dart Express 0.30 per cent on BSE.
"Markets rose sharply today, led by supportive global markets, expectations on the GST rate and bottom fishing after a fall over the past few days," said Dipen Shah, Senior Vice-President & Head PCG Research, Kotak Securities.

The crucial three-day meeting of the all-powerful GST Council will decide on the tax rate and sort out issues like compensation formula for rollout of the new indirect tax regime from April 1, 2017.