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Renewed Bid for GST Nod Triggers Buying in Logistics Stocks

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Renewed Bid for GST Nod Triggers Buying in Logistics Stocks
Shares of Logistics companies like Gati, Snowman Logistics, TCI Industries, Aegis Logistics, Allcargo Logistics and VRL Logistics gained between 3-10 per cent on Wednesday as a glimmer of hope has emerged on the Goods and Services Tax (GST) Bill.
 

Minister of state for finance Jayant Sinha told NDTV that convening a special session of Parliament remains an option for passing the GST Bill.
 

The GST - which creates a single national sales tax to replace a matrix of unwieldy and complicated levies by the states and central government - was stalled in the Rajya Sabha last month.
 

"The tax reform is crucial for the economy and we are making every effort to build consensus," Parliamentary Affairs Minister Venkaiah Naidu said on Tuesday after meeting Mallikarjun Kharge, the leader of the opposition Congress in the Lok Sabha.
 

Unless the GST Bill is cleared urgently by Parliament, there are fears that it could not be rolled out by the April 2016 deadline set by the government.
 

According to analysts, logistics companies will be among the biggest beneficiary of the GST implementation as it will hasten the movement of goods.
 

Shares of Gati closed 4.78 per cent higher at Rs 131.55, Snowman Logistics ended 3 per cent higher at Rs 92.4 and Aegis Logistics settled  4.19 per cent higher at Rs 757.65 compared to a 1.12 per cent fall in the broader Nifty.



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