Auto OEMs and sector Heavyweights Mahindra & Mahindra (M&M) and Maruti Suzuki also touched their fresh 52-week highlights, while two-wheeler Majors TV’s motorcycle company and Eicher Motors also reached their fresh peaks of 52 weeks. They had risen between 4% and 2%.
In the 15 -shares Nifty Auto Index, 14 handed around 1:30 PM in the Green, while MRF was the only loser, although it was marginal (0.4%) lower around this time.
The other win were Samvardhana Motherson International, Bajaj Auto, Exide Industries, Hero MotoCorp, Bosch, Tube Investments of India, Balkrishna Industries and MRF.
The sentiments were cheerful, since even before the implementation of the New Goods and Services Tax (GST) on September 22, top machines such as M&M, Tata Motors and Hyundai Motor India announced price reductions.
In its meeting, the GST Council implemented radical reforms last week by introducing two plates of 5% and 18%. The GST on cars with a certain threshold has been reduced to 18% compared to an earlier 28%. Under the indirect tax structure, the GST is cut to all gasoline and gasoline hybrids, LPG, CNG cars of up to 1,200 cc engine capacity and 4,000 mm. The GST is cut on diesel and diesel hybrids of no more than 1500 cc and 4,000 mm. For motorcycles below 350 cc, the GST is lowered to 18%of an earlier 28%. The government has also reduced GST on tricycle to 18%.
The Nifty Auto Index has risen by 16% in the past month. TVS Motor and Maruti have been the best artists for a period of a month, each with 21%.
(Disclaimer: recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
as a reliable and trusted news source#Car #shares #rally #Oems #Tata #Motors #Ashok #Leyland #Step #Gas