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Auto stocks in doldrums
Wed, 31 Dec 01:30 pm

Indian share markets pared some gains but continued to remain buoyant in the post-noon trading session. Barring auto, all the sectoral indices are trading in the green. Power and realty stocks are the biggest gainers today.

BSE-Sensex is up 28 points and NSE-Nifty is trading 13 points up. Each of the BSE Mid Cap and BSE Small Cap indices is trading up by 0.8%. The rupee is trading at 63.30 to the US dollar.

Majority of the FMCG stocks are trading firm with Pidilite Industries and Kokuyo Camlin being among major gainers. As per a leading financial daily, Bajaj Corp has received shareholder's approval to hike FII investment limit in the stock from 24% to 49%. Singapore's sovereign wealth fund Temasek recently acquired 8.13% stake in the company through open market on share sale by promoter group company SKB Roop Commercial LLP. Bajaj Corp stock is presently trading up by 2.2%.

Most of the auto stocks are trading in the red with Force Motors. and Eicher Motors being the biggest losers.TVS motors and Hero MotoCorp are among the few stocks trading positive. As per a leading financial daily, the Finance Ministry has decided to roll back the excise duty concessions beyond 31st December 2014. In the interim Union Budget in 2014, the government had cut excise duty on small cars, motor cycles, scooters and commercial vehicles from 12% to 8%. For large cars, the excise duty was reduced from 27% to 24% whereas on mid-segment cars the duty was brought down from 24% to 20%. In case of sports utility vehicles, the duty was cut from 30% to 24%. Even in case of capital goods and consumer items, the levy was decreased from 12% to 10%. These concessions were further extended upto 31st December 2014 when the Modi government came to power. Due to the roll-back, automobiles and consumer electronics are likely to become pricier in the new year. According to Maruti Suzuki, prices are expected to rise by 4% due to rollback and hit the sales numbers in January. The Heavy Industry Ministry has demanded a two-month extension of the excise relief for the automobile industry for it to remain on the growth track.

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