At around 2.44 pm, BSE Auto was trading at 17,303.53 skyrocketing by 532.41 points or 3.17%.
On the BSE Auto, Ashok Leyland led the gainers list and was trading at Rs76.30 per piece up 11.89%, followed by Motherson Sumi at Rs109.40 per piece higher by 5.14%, Tata Motors at Rs127.90 per piece up 4.15% and Eicher Motors at Rs2123.30 per piece above 4.09%.
Stocks like Balkrishna Industries (Rs1358.05 per piece), TVS Motor (Rs450.35 per piece), Bosch (Rs12860 per piece), Maruti Suzuki (Rs6493.20 per piece) and M&M (Rs593 per piece) surging between 3-4%.
Other stocks like Hero Motocorp, MRF, Exide Industries, Cummins India, Bajaj Auto and Amara Raja Batteries also gained by 1-3%.
According to a Money Control report, auto component makers, especially those engaged in engine technology and emission-related machine parts, have opposed the postponement proposal for the next generation emission norms that kick in from 2022.
Reportedly, Corporate Average Fuel Economy (CAFE) and Real Driving Emission (RDE), which are embedded in Bharat Stage-VI (BS-VI) emission system regulations, are part of the government’s efforts to reduce vehicular carbon footprint.
The report further said these norms entail further investments, which is making the financially-battered vehicle makers seek a deferment of its implementation date.