11 Sept Monday News- Stocks of Auto companies rise post GST council meet:
Shares of auto firms were trading higher in early trade, Monday, due to Indian car companies sounded relieved after the GST Council has raised the vehicle cess on Saturday, by less than the maximum possible, though luxury auto companies were more cautious in their assessment of the new rates.
In the early hours today, the Nifty Auto index was trading 0.62% up at 10,846 while Tata Motors DVR was up 1.24%, Mahindra & Mahindra (M&M) was up 0.86% and Maruti Suzuki BSE 1.03 % rose 0.72%.
The GST Council meet held on Saturday left untouched the rates on small cars and hybrid vehicles. But mid-sized cars attract a cess i.e, 2% points higher.
Meantime, M&M, Motor India Ltd, Toyota Kirloskar Audi India, Jaguar Land Rover and Mercedes-Benz are planning to pass on the increased cess to buyers.
Government clarifies that it won't interfere in pricing by oil companies.
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