Logistics companies gain as much as 8% on GST hopes

Mumbai: Logistics stocks were on buyers' radar Thursday, surging as much as 8 percent, on hopes that GST bill would be passed in Parliament.

The Winter Session of Parliament began today.

Shares of Patel Integrated Logistics soared 8.13 percent, Gati Ltd climbed 5.74 percent, Snowman Logistics was up 2.87 percent and Sical Logistics rose 3.51 percent on the BSE.

"The market extended rally in afternoon trade on positive global cues and hopes of likely passing of GST Bill", said Gaurav Jain, Director, Hem Securities.

The government stands cornered in the Upper House in absence of a majority where a united opposition has blocked several key legislation, including the GST Bill.

The broader market also saw a turnaround in fortunes today when the Sensex snapped its two-day fall and bounced by almost 183 points to close at 25,958.63 - an over two-week high - on hopes of a GST breakthrough in Parliament.

"Markets widely expect the GST Bill to go through Parliament in the current session provided parties come to a consensus on the bill," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.