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Auto stocks gain on fuel price cut; Maruti, Ashok Ley, M&M gain up to 5%

Analysts also believe that the government's export duty hike on steel and plastic bodes well for the auto sector due to elevated commodity inflation.

Auto slowdown
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SI Reporter Mumbai
Shares of automobiles companies traded higher by up to 5 per cent on the BSE in Monday’s trade after the Union government slashed excise duty on petrol and diesel by Rs 8/litre and Rs 6/litre, respectively. The government also reduced import duty on key raw materials like steel and plastic, whereas, increased export duty on iron ore and other steel intermediates.

At 10:47 am; the S&P BSE Auto index, the top gainer among sectoral indices, was up 2.3 per cent, as compared to 0.52 per cent rise in the S&P BSE Sensex. Among individual stocks, Ashok Leyland and Maruti

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First Published: May 23 2022 | 11:11 AM IST

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