Auto index up 3%; Samvardhana Motherson, TaMo rally up to 10%; here's why

Media report suggests President Donald Trump is considering possible exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up US manufacturing.

Automobiles and its related shares have rallied by up to 8 per cent on the National Stock Exchange (NSE) in Tuesday’s intra-day trade as media reports suggest, President Donald Trump is considering possible exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up US manufacturing facilities.

 

At 09:20 AM; the Nifty Auto index surged 3 per cent, the top gainer among sectoral indices, as compared to the 2 per cent rise in Nifty 50.

 

Samvardhana Motherson International, Bharat Forge and Tata Motors have rallied between 5 per cent and 10 per cent. Mahindra & Mahindra (M&M), Balkrishna Industries, Tube Investment of India, Bosch, Maruti Suzuki India, TVS Motor Company, Hero MotoCorp and Eicher Motors were up in the range of 2 per cent to 4 per cent.