Auto stocks gain amid new GST rate slabs
Stocks of automobile sector surged after GST Council cut taxes on small cars, bikes up to 350cc, and three-wheelers to 18%, down from 28% earlier. GST has also been reduced from 28% to 18% on buses, trucks, and ambulances. There is a uniform rate of 18% on all auto parts, irrespective of the HS code.
Mahindra & Mahindra is currently trading at Rs. 3475.50, up by 190.95 points or 5.81% from its previous closing of Rs. 3284.55 on the BSE. The scrip opened at Rs. 3526.95 and has touched a high and low of Rs. 3539.25 and Rs. 3471.10 respectively.
Eicher Motors is currently trading at Rs. 6480.00, up by 115.75 points or 1.82% from its previous closing of Rs. 6364.25 on the BSE. The scrip opened at Rs. 6665.05 and has touched a high and low of Rs. 6707.70 and Rs. 6473.00 respectively.
Hero MotoCorp is currently trading at Rs. 5373.85, up by 25.05 points or 0.47% from its previous closing of Rs. 5348.80 on the BSE. The scrip opened at Rs. 5539.60 and has touched a high and low of Rs. 5539.60 and Rs. 5371.60 respectively.
