Shares of automobiles companies were trading higher by up to 4% on the National Stock Exchange (NSE) in an otherwise subdued market after the Rajya Sabha passed the Goods and Services Tax (GST) Constitutional Amendment Bill.
Tata Motors (up 4% at Rs 496), Hero MotoCorp (2% at Rs 3,293), Bajaj Auto (2% at Rs 2,766), Ashok Leyland (1% at Rs 86.70), Maruti Suzuki India (1% at Rs 4,922) were up in the range of 1%-4% on the National Stock Exchange (NSE).
the Nifty Auto index was up nearly 2% as compared to 0.23% rise in the benchmark Nifty 50 index.
Motherson Sumi Systems, Amara Raja Batteries, MRF, Exide Industries and Apollo Tyres are others from the Nifty Auto index up between 1% and 5%.
GST will have a significant positive impact on the automotive sector, according to Rajeev Singh, Partner and Head, Automobile Sector, KPMG in India.
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