Auto stocks jump up to 7.8% after Nitin Gadkari assures all possible support to crisis-hit industry

  • 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

  • He also stated that the government had no intention to ban petrol and diesel vehicles, clearing the air after rumours were doing the round that the move to push e-mobility will result in end of the road for traditional petrol and diesel vehicles

  • BSE Auto Index went up 2.13 percent to close at 15,563.90

New Delhi: Automobile stocks jumped up to 7.8 percent on Thursday after Union Minister Nitin Gadkari assured the crisis-hit industry of all possible support.

Shares of Tata Motors zoomed 7.81 percent, Exide Industries 2.83 percent, Bharat Forge 2.80 percent, Motherson Sumi Systems 2.63 percent, Maruti Suzuki India 2.41 percent, on the BSE.

Likewise, Mahindra & Mahindra rose 2.23 percent, Bajaj Auto 1.62 percent, Hero MotoCorp 1.54 percent, TVS Motor Company 1.45 percent, Bosch 0.99 percent, Ashok Leyland 0.80 percent and Eicher Motors 0.72 percent.

 Auto stocks jump up to 7.8% after Nitin Gadkari assures all possible support to crisis-hit industry

Representational image. Reuters.

Led by gains in these scrips, the BSE Auto Index went up 2.13 percent to close at 15,563.90.

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.

He also stated that the government had no intention to ban petrol and diesel vehicles, clearing the air after rumours were doing the round that the move to push e-mobility will result in end of the road for traditional petrol and diesel vehicles.

With the impending price increase of vehicles and the upcoming of BS-VI norms deadline, "It is your (industry's) demand that there should be a reduction in tax of petrol and diesel vehicles. Your suggestions are good. I will take your message to the finance minister," Gadkari said at annual SIAM convention here.

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Updated Date: Sep 05, 2019 17:43:58 IST