Skip to main content

Market News - Auto stocks in the fast lane after Gadkari backs GST cut

The Indian auto sector revved higher on September 5 after Union Road Transport and Highway Minister Nitin Gadkari said the government was looking at steps to revive the ailing sector.


Speaking at the 59th annual Society of Indian Automobile Manufacturers (SIAM) convention, Gadkari said he would recommend the finance ministry to reduce GST on internal combustion engine (ICE) vehicles, adding that the government did "not intend to ban petrol and diesel vehicles." "Considering the slump in the sector and expected an increase in cost due to the implementation of BS-VI emission norms, I will give my recommendation to the Finance Minister," said the minister.

Shares of Tata Motors rose more than 5 percent intraday on September 5, though the company reported weak sales in the US and the UK. The company's August JLR UK sales dropped 20.8 percent at 2,726 units against 3,444 units in the same period last year. Jaguar UK sales were down 15.5 percent at 1,049 units, while Land Rover dropped 23.8 percent at 1,677 units.

Union minister Nitin Gadkari on Thursday assured the crisis-hit automobile industry of all possible support from the government, including taking up the demand of GST reduction with finance minister Nirmala Sitharaman.

Rupee rises 27 paise to 71.85 against US Dollar in early trade - At the interbank foreign exchange, the rupee opened at 71.87, then gained further ground and touched a high of 71.85, registering a rise of 27 paise over its previous close. The rupee appreciated by 27 paise to 71.85 against the US dollar in early trade on Thursday as gains in domestic equity market enthused investors.


At the interbank foreign exchange, the rupee opened at 71.87, then gained further ground and touched a high of 71.85, registering a rise of 27 paise over its previous close. The domestic unit, however, could not hold on to the gains and was trading at 71.93 against the dollar at 0955 hrs.

Forex traders said higher opening in domestic equities supported the rupee. Domestic bourses opened on a positive note on Thursday with benchmark indices Sensex trading 119.07 points higher at 36,843.81 and Nifty up 40.95 points at 10,885.60.


Market News | Auto Sector | Rupee | Gold | Indian Economy

Labels:

Comments

Post a Comment

Popular posts from this blog

Market News - Silver opens above Rs 50,000 a kg in Mumbai, gold at Rs 39,000-plus

Standard gold opened at Rs 39,091 for 10 grams, trading for the first time above Rs 39,000. It closed at Rs 39,031. Including a three percent goods and services tax, the price is above Rs 40,000. After six years, silver is trading above Rs 50,000 a kilo in the physical market here. Its global prices at $19.4 an ounce is a three-year high. The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets. At Zaveri Bazar, the spot market price opened at Rs 50,125 a kilo and closed a little lower at Rs 49,950 — still up four percent from Tuesday’s close. Gold prices fell by Rs 372 to Rs 39,278 per 10 gram in the national capital on Friday due to weak demand and strong rupee, according to HDFC Securities. In tandem with gold prices, silver also dropped by Rs 1,273 to Rs 49,187 per kilogram here. “Gold declined on weak investment demand and stronger rupee. The spot rupee gained by 21 paise against the dollar du...
11 comments
Read more

Commodity Market - Oil prices extend losses, Gold rises for second straight day

Silver futures slumped by Rs 318 at Rs 44,908 per kg on October 16 as participants cut down their bets in line with sluggish trend at overseas markets. On the Multi Commodity Exchange, silver contracts for December delivery fell by Rs 318, or 0.70 percent, at Rs 44,908 per kg in a business turnover of 7,274 lots. Crude oil futures fell by Rs 27 to Rs 3,797 per barrel on October 16 after participants reduced positions even as oil strengthened in global markets. On the Multi Commodity Exchange, crude oil for delivery in October dropped by Rs 27, or 0.71 percent, to Rs 3,797 per barrel with a business volume of 34,024 lots. For November delivery, crude oil was quoting lower by Rs 33, or 0.86 percent, to Rs 3,811 per barrel with 1,350 lots. Gold prices jumped Rs 157 to Rs 38,644 per 10 gram in the Mumbai bullion market. The rate of 10 grams 22-carat gold in Mumbai was at Rs 35,398 plus 3 percent GST while 24-carat 10 gram was at Rs 38,664 plus GST. Silver gained Rs 41...
14 comments
Read more

Market News - Coal India workers strike hit production,Retail onion prices hit

Protests by workers at Coal India Ltd on September 24 hit output by about 56%, a senior company official told Reuters. The workers' strike over implementation of reforms including allowing 100% foreign direct investment (FDI) in coal mining - which India approved last month to attract global miners to India - paralyzed operations. The company, which accounts for over four-fifths of India's coal output and employs about 300,000 people, registered a 30% attendance due to the strike. India depends on coal-based utilities for three-quarters of its electricity generation. Coal India produced a total of 466,000 tonnes of coal on September 24, which compared to a business-as-usual production estimate of 1.05 million tonnes, the official said. Petrol and diesel prices today: The oil marketing companies (OMCs) on Tuesday raised the prices of petrol and diesel for the eighth straight day following a drone attack on the Saudi oil plants. In the last eight days, petrol prices...
4 comments
Read more