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| Auto stocks jump on robust sales |
| SI Reporter / Mumbai Sep 04, 2010, 11:46 IST |
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BSE auto index outperformed the broader market as robust automobile sales for August cheered investor sentiments.
The growth in auto sales came as consumer demand continued in the month of August. A variety of new launches, coupled with cheap financing options boosted the sales number further.
The BSE auto index jumped 3% (or 261 points) this week to end at 8,970. The index dropped to a low of 8,614 on Tuesday, but manged to rebound strongly and touch the week's highest of 8,988 on Friday.
The Sensex on the other hand, added 223 points (1.2%) to 1,8221 after touching a high of 18,356.
Apollo Tyres and MRF soared 13% each to Rs 71.84 and Rs 7,673, respectively.
Exide Industries gained 8% at Rs 147. Amtek Auto jumped 8% to Rs 173.
Ashok Leyland shares hit its highest in a year on Friday at Rs 76.30, a jump of over 2.5%. The company reported a 56.35% jump in commercial vehicle sales at 7,480 units in August compared to 4,784 units in the same month last year. The stock added 5.4% this week to Rs 71.55.
Maruti Suzuki gained 4.4% to Rs 1,218 on its highest ever monthly sales of 1,04,791 units in August, a 23.56% jump from 84,808 units in the same month last year.
Bharat Forge surged 3.5% to Rs 353.
Bajaj Auto saw sales rise 55% to 3,29,364 units in August. The stock added 3.3% to Rs 2,780.
Mahindra & Mahindra and Tata Motors were up 2-3% each.
However, Hero Honda bucked the general trend and dropped 2.7% to Rs 1,785. Thers is talk of Honda possibly selling its 26 per cent stake to the promoters and exiting the company. This may lead to a re-rating of the company.
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