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

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

Commodity Update - Gold prices fell; Oil futures hit

Gold prices fell for a fourth straight session on Tuesday as risk appetite remained buoyed by better-than-expected economic data, which suggested that the global economy was perhaps not doing as badly as previously assumed. Spot gold was down 0.6% at $1,490.48 per ounce, as of 0421 GMT, after hitting its lowest since Aug. 13 at $1,486 earlier in the session. Bullion prices have shed nearly 5% since hitting a more than 6-year peak of $1,557 on Sept. 4.U.S. gold futures fell 0.8% to $1,498.50 per ounce. Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. Brent was up 26 cents, or 0.4%, at $62.85 a barrel by 0349 GMT, while U.S. crude was 27 cents, or 0.5%, higher at $58.12 a barrel. Brent touched its highest since Aug. 1, while U.S. crude rose to the highest since July 31. U.S. oil gained more than 2% on Monday, while Brent finished the day 1.7% hig...
5 comments
Read more