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Auto ancillary stocks rally; Amara Raja, MRF, Balkrishna Ind hit 52-wk high

MRF hit a fresh 52-week high of Rs 81,000, up 2.4 per cent on the BSE, thus gaining 26 per cent in the past month.

Automobile, manufacturing
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Automobile sales in India were weathering a slump before the coronavirus pandemic, with at least half a million jobs lost.

SI Reporter Mumbai
Shares of auto ancillary companies were in focus on Monday with MRF, Balkrishna Industries, Amara Raja Batteries and Jamna Auto hitting their respective 52-week highs on the expectation of strong revenue growth.

The July-September quarter (Q2FY21) was marked by a sharp rebound for the auto sector from the washout Q1FY21 performance. Demand outstripped supply for major players as production, distribution levels climbed to successively higher levels throughout. Dispatches picked up sharply in September in the run-up to the festive period.

Balkrishna Industries hit a fresh record high of Rs 1,690, up 5 per cent on the BSE in the intra-day trade on

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First Published: Nov 23 2020 | 2:21 PM IST

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