Atlas Cycles, Hercules Hoists surge ahead of Union Budget

In Budget 2012-2013 the government had increased basic customs duty on bicycles from 10% to 30% and on bicycle parts from 10% to 20%.

Atlas Cycles (Haryana) and Hercules Hoists have rallied more than 8% each ahead of Union Budget 2013-14 on the Bombay Stock Exchange (BSE) on hopes of further increase in basic customs duty for import of bicycles and bicycle parts in Budget 2013-14.

Atlas Cycles (Haryana) has surged 12% to Rs 323 on back of heavy volumes. The stock opened at Rs 293 and touched high of Rs 289 on BSE. A combined around 203,000 shares have already changed hands on the counter till 0948 hours against an average sub 200,000 shares that were traded daily in past two weeks.

Hercules Hoists too, rallied 10% to Rs 131 and has seen a combined 274,517 shares changing hands on the counter so far on NSE and BSE.

In Budget 2012-2013 the government has increased basic customs duty on bicycles from 10% to 30% and on bicycle parts from 10% to 20%.