Auto stocks climb on March sales figures

PTI Mumbai | Updated on April 04, 2011

Powered by impressive monthly sales figures and hopes of strong corporate earnings, auto stocks today rallied on the Bombay Stock Exchange with the sectoral index gaining 1.83 per cent over the last close.

Among the top performers, Mahindra & Mahindra, which reported a 19 per cent jump in sales last month, shot up by 4.75 per cent to settle at Rs 743.85.

The country’s largest car maker Maruti Suzuki jumped by 2.07 per cent to close at Rs 1,300.70. The company posted an increase of 28.2 per cent in its total March sales.

Led by a sharp rise in these stocks, the BSE auto index emerged as the fourth best performer among the sectoral indices rising by 171.51 points or 1.83 per cent to close at 9,527.37 points.

Meanwhile, the BSE key index Sensex climbed 281 points or 1.45 per cent to close at a three-month high of 19,701.73 points.

Brokers said apart from encouraging sales numbers, expectations of strong fourth quarter earnings to be announced later this month also generated buying interest.

Hero Honda Motors, the largest motorcycle maker, continued its winning streak for yet another session and ended 0.98 per cent higher at Rs 1,618.30 as the company reported 24.41 per cent growth in its sales during March.

Another two-wheeler giant TVS Motors also participated in today’s rally by gaining 0.32 per cent to Rs 61.95 as the company’s monthly sales during the last monthly surged by 27.27 per cent.

Tata Motors ended 0.92 per cent higher at Rs 1,254.30 after the company’s sales shot up by 10.96 per cent during March.

Published on April 04, 2011

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