11 Sept Monday News- Stocks of Auto companies rise post GST council meet

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. 

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Gold ends 2017 on a steady note, Silver declines price - 2 Jan 2017

The prices of Gold ended steady at Rs 28,300 per 10 grams on the first trading day of 2017 on scattered demand from local jewellers, in absence of cues from global markets which are closed today. However, silver weakened by Rs 100 to Rs 39,300 per kg on account of reduced off-take by industrial units. 

In Delhi, gold of 99.9% purity ruled flat at Rs 28,300 and 99.5% purity ruled at Rs 28,150 per 10 grams. It had lost Rs 200 on the last trading session of 2016 on Saturday. Sovereign was traded at last level of Rs 24,000 per piece of eight grams in limited deals. 

Alternatively, silver ready drifted lower by Rs 100 to Rs 39,300 per kg, while weekly-based delivery rose by Rs 495 to Rs 39,195 per kg. Silver coins held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.