Auto stocks in top gear; Bajaj Auto surges 9% on strong performance in Q3

Bajaj Auto said the operating performance was driven by favorable mix, lower marketing spends, and operating leverage

Shares of automobile and auto ancillary companies were in top gear on Friday, with Nifty Auto and the S&P BSE Auto indices surging nearly 4 per cent at the bourses, hitting their respective 52-week highs, following a strong performance during the quarter ended December 2020 (Q3FY21).

Bajaj Auto, Motherson Sumi Systems, Ashok Leyland, Tata Motors, Hero MotoCorp, Exide Industries, Bosch and TVS Motor Company from the indices were up between 4 per cent and 8 per cent. JK Tyre & Industries, Apollo Tyres, Ceat, TVS Srichakra, Lumax Auto Technologies and Munjal Showa, the non-index stocks, rallied between 5 per cent