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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

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