Eicher Motors, Bharat Forge, M&M, Maruti Suzuki and Hero MotoCorp slipped more than 5 per cent on the NSE today
Bharat Forge slipped 12 per cent from its intra-day high of Rs 298 on the NSE
Maruti Suzuki India (MSI), the country's largest carmaker, said it was suspending production at its facilities in Haryana "till further notice".
On BS VI transition, the company informed that it has already moved a large part of its product portfolio to BS VI and is seeing a good response to the BS VI motorcycles.
A comfortable valuation is always desirable but looking at the valuation from an aggregate perspective may not be very useful, says Nilesh Shah, MD and CEO at Envision Capital.
The two were the worst-performing carmakers on the Bloomberg World Auto Manufacturers Index in 2019, falling 23% and 28%.
Bank of America Merrill Lynch upgraded Maruti Suzuki India's stock to 'buy' from 'neutral' and raised the target to Rs 8,650 from Rs 7,450 per share
Tata Motors, Mahindra & Mahindra, Bharat Forge and Ashok Leyland from the Nifty Auto index climbed 3 per cent each on the National Stock Exchange.
Maruti Suzuki India, Hero MotoCorp and TVS Motor Company slipped 2 per cent each, while M&M, Eicher Motors, Bajaj Auto and Ashok Leyland were each down 1 per cent today.
Shares of public sector undertakings have been moving up the bourses
A government study has said the total annual revenue loss could be as much as Rs 50,000 crore if the panel decides to lower tax rates for the sector to 18 per cent from 28 per cent.
Here's how the scrips of leading two-and four-wheeler manufacturers look on the technical charts.
The recent up move, analysts say, was on the hopes of a possible cut in GST rates, which in turn fuelled a relief rally in the counters
The government's plan comes at a time when the auto sector is grappling with a steep drop in sales due to weak consumer demand.
At 10:00 am, the S&P BSE Auto Index was down 0.7 per cent or 109 points at 15,660, as compared to 0.93 per cent decline in the S&P BSE Sensex
Analysts say while the decision to slash duty on EVs is a step in the right direction, the proposal to hike registration and renewal charges will hurt the already ailing auto sector
According to news reports, the government has proposed an increase in vehicle registration fees
A total of 51 stocks including M&M Financial, JSW Steel, Heritage Foods, Eris Lifesciences, Godrej Consumer, L&T Financial Motilal Oswal Financial and Shoppers Stop hit 52-week lows.
Thus far in the calendar year 2019, auto index slipped 21 per cent, against 5 per cent rise in the benchmark index
Passenger vehicle growth in the financial year ended March was the slowest since 2014