The Hindu Business Line : Tata Motors leads surge in auto stocks

MUMBAI: Domestic automobile leader Tata Motors led a surge in auto stocks on the bourses on Friday after reports that the company would set up another plant, besides expectations of strong sales numbers for this month.

The BSE auto index gained 65.54 points, or 1.36 per cent, to settle at 4,869.13 after rising to 4,892.34, with Maruti Udyog, Mahindra and Mahindra and Bajaj Auto among other stocks extending support to the BSE benchmark Sensex.

Stock brokers said reports that Tata Motors would set up another plant to meet rising demand, influenced trading sentiments, triggering buying in other auto stocks.

They said reports that stock brokerage UBS AG has raised Maruti Udyog's stock rating and expectations that automakers might come out with strong sales number for March too sparked buying activity.

Tata Motors stocks went up by Rs 12.65, or 1.77 per cent, to close at Rs 727.75, while Maruti's stocks ended Rs 8.95, or 1.10 per cent, higher at Rs 819.70.

Other gainers in this segment were Mahindra and Mahindra by Rs 21.05 at Rs 780.15, MICO by Rs 50.65 at Rs 3,300, Punjab Tractors by Rs 3.10 at Rs 305.25, Ashok Leyland by Rs 1.05 at Rs 38.45, Bharat Forge by Rs 7 at Rs 314.95 and Cummins by Rs 7.05 at Rs 264.90. - PTI

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