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| Budget impact: Maruti, M&M lead Auto pull back |
| BS Reporter / Mumbai Jul 07, 2009, 16:09 IST |
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The BSE Auto index finally advanced nearly 4% to 4,634.
Escorts zoomed 9% to Rs 64.
Exide Industries soared 8% to Rs 69.
Hero Honda, Mahindra & Mahindra and Apollo Tyres rallied 5.5% each to Rs 1,437, Rs 750 and Rs 30, respectively.
Maruti Suzuki and Ashok Leyland advanced 4.5%each to Rs 1,079 and Rs 30, respectively.
Bajaj Auto gained 3.5% at Rs 990.
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(Updated 1158 hrs)
The auto industry is in general satisfied with the continuation of CENVAT cuts announced in the Union Budget which has been considered as a good step but lack of incentives for exports has been regretted.
The Fringe Benefit Tax has also been scraped off and the Budget proposes to reduce the additional excise duty on big cars with engine capacities of 2,000 cc and above by Rs 5,000 per unit. It will also cut the duty of petrol-driven trucks to eight per cent from 20 per cent at present.
The BSE Auto index has advanced 3% to 4,588.
Exide Industries has advanced 6.5% to Rs 68. Maruti has advanced 5.5% to Rs 1,092.
Bajaj Auto and Mahindra & Mahindra have gained over 4% each at Rs 995 and Rs 739, respectively.
Hero Honda, Ashok Leyland and Bosch are the other marginal gainers so far.
Tata Motors on the other hand has slipped 3% to Rs 274. Escorts and Bharat Forge are down 1% each.
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