Mid-day Movers: These stocks rally on the back of excise duty cut on petrol and diesel

Apcotex Industries, Mahindra Logistics and VRL Logistics are witnessing positive action in today’s session

As the Centre cuts excise duty on petrol by Rs 8 per litre and diesel by Rs 6, several states have followed the suit by reducing VAT on petrol and diesel. Auto, realty, and logistics stocks are rallying on the bourses on the back of this positive news, being beneficiaries of the ease in petrol and diesel price. 

 The markets are trading in green with Sensex up by 0.9 per cent or 465 points at 54,791.22 and Nifty trading at 16,371 with a gain of 104 points or 0.6 per cent. 

   VRL Logistics,, Mahindra Logistics and Apcotex Industries are witnessing positive action in today’s session on the back of a rate cut in petrol and diesel. 

   VRL Logistics is also witnessing a rally of 11.13 per cent in the afternoon session. At the time of writing, the shares of VRL Logistics are trading at Rs 644.70. It has touched intraday high and low of Rs 651.2 and Rs 594, respectively. Given the positive sentiment, it is inching closer to its 52-week high of Rs 658.80 logged on April 21, 2022.

  Mahindra Logistics is quoting at Rs 495.95, up by 10.13 per cent. It has touched intraday high and low of Rs 507 and Rs 461.70, respectively. The stock hit a 52-week low of Rs 395.65 on February 28, 2022, and in the last one month has lost 8.22 per cent underperforming the benchmark indices after the company has posted weak results with consolidated PAT for Q4 on YoY basis was down by 10 per cent. 

  Apcotex Industries is locked in the upper circuit of 10 per cent while logging a fresh 52-week high at Rs 640.30. It is one of the leading producers of Synthetic Rubber (NBR & HSR) and Synthetic Latex (Nitrile, VP latex, XSB & Acrylic latex) in India. The company has one of the broadest range of Emulsion Polymers available in the market.