Auto sales, Tata Motors nos buoy Auto index

Weekly review

Auto stocks gained this week on good numbers by auto major - Tata Motors and record sales in July.

BSE Auto index jumped 244 points (2.8%) to 8,776 this week as against the Sensex which added a marginal 23 points to close at 18,167.

The index opened at 8,541 and touched a low of 8,499. However, positive cues buoyed the index to a high of 8,806.

Tata Motors reported a turaround in Q1 as profits stood at Rs 1,988.73 crore. The company had posted a net loss of Rs 328.78 crore in the corresponding quarter last year. The stock zoomed 14% to Rs 1,017.

Auto industry posted its highest ever sales in July - at 1,237,461 units. Sales grew by 31.5% from the year ago period on the back of demand for passenger cars and two-wheelers.

Other Sensex auto stocks - Hero Honda and Maruti Suzuki jumped 2.3% each to Rs 1,884 and Rs 1,294, respectively.

Cummins India surged 6% to Rs 672. Bharat Forge added 2.5% to Rs 344.

Ashok Leyland was up 1% at Rs 72 on bagging a Rs 120 crore order from People's Leasing Company in Sri Lanka.

Meanwhile, Mahindra & Mahindra shed 3.3% at Rs 628.

Bajaj Auto dropped 2% to Rs 2,658. Amtek Auto and MRF slipped over 1% each to Rs 182 and Rs 7,352, respectively.