The taxes on motor vehicles in India have historically been among the highest in the world and need to be rationalised, MSIL Chairman RC Bhargava said at an event on Monday.
But it remains a laggard on the bourses over the past decade
Stocks to Watch Today: Markets to track Gujarat, Himachal Pradesh assembly results. Shares of rate sensitive sectors to be in focus as RBI policy signals likely further rate hikes.
Subdued Asian markets and continued selling by foreign investors further weighed on investor sentiment, traders said
At 10:35 AM; Nifty Bank, Nifty Financial Services, Nifty PSU Bank and Nifty Private Bank indices were up in the range of 0.10% to 0.90%; while Nifty Auto and Nifty Realty indices slipped up to 0.2%.
Stocks to Watch Today: Shares of rate sensitive sectors such as auto, banks, NBFCs and real estate are likely to be in focus owing to the RBI policy announcement on Wednesday.
At 09:15 am, around 2.6 million or 0.55 per cent holding of the company changed hands at the counter on the BSE, the exchange data shows.
M&HCV segment witnessed mixed performance while LCV segment witnessed near double digit de-growth leading to overall de-growth in CV space.
Stocks to Watch Today: SoftBank Group is likley to sell a 5 per cent stake in PB Fintech via block deal at a base price of Rs 440 per share on Friday.
What's behind the fall in India's FDI inflows? Why is the second-hand car market running in top gear? Will the rally in auto stocks pause after the festive boost? What is India Stack? All answers here
Easing chip shortage helped auto sales touch the 1 million-mark in Q2. As demand entered a slow lane amid weak exports in October, the rally in auto shares lost its steam. Will this trend continue?
Shares of Fiem Industries hit a new high at Rs 2,024.95, and have rallied 22% in the past two days after the company reported 54% YoY jump in its consolidated net profit.
Within the auto sector, TVS Motors has soared 79 per cent far this year. Mahindra & Mahindra and Eicher Motors were the other major gainers.
Improving chip supply and cooling commodity prices will aid revenue and margins recovery and hence aim to deliver strong improvements in EBIT and free cash flows in H2 FY23, the company said.
On October 4, the company's board approved preferential issue of Rs 115 crore worth of warrants to promoters and non-promoters of the company, including investor Vijay Kishanlal Kedia.
The NSE Nifty 50 index rose 0.97% to 17,959.30 as of 0402 GMT, and the S&P BSE Sensex was 0.99% higher at 60,555.83.
The stock of automobiles major traded close to its record high level of Rs 10,000, which it had touched on December 20, 2017
Revenue and net profit both were ahead of consensus estimates
On the other hand, Bajaj-Auto and Hero Moto Corp need to adhere their key supports levels to keep the positive bias intact.
The company said it has had a robust start to the festive season and the demand is expected to further accelerate during the season.