Shares rose up to 13 percent, with gains from GATI, Patel Integrated Logistics, VRL Logistics, Aegis Logistics and Snowman Logistics.
Shares of logistics stocks were buzzing in trade on Wednesday morning, the second consecutive day of gain. Shares rose up to 13 percent, with gains from GATI, Patel Integrated Logistics, VRL Logistics, Aegis Logistics and Snowman Logistics.
The surge is led by GATI, which rose on Monday on the back of corporate development.
“The GST collection trends for last month and this month are showing a lot of traction. Logistics and packaging could be the biggest gainers of this centralization process and that could be one of the reasons why the stocks rose. I think if there is a lot of traction on tax collections, then logistics and packaging sector would continue to rise,” Sanjiv Bhasin, EVP—Markets & Corporate Affairs at IIFL told Moneycontrol.
GATI’s shares gained 20 percent on Tuesday ahead of the Board Meeting on Thursday to discuss the possibility of inducting partner. The company on Monday informed exchanges that a meeting of the board of directors will be held on Thursday, April 26 to review, consider and pass the enabling resolution for exploring the possibility of inducting a new financial/strategic partner.Further, accordingly the trading Window for dealing in the securities of the company will remain closed from the start of business hours of Tuesday, April 24 and the trading window will be open after 48 hours of the conclusion of the meeting.