Bulls take control in Nifty Auto, gains by 2%; Bosch, M&M, Eicher and Maruti rally most

The index has touched the day's high of 8,935.50.

Nov 24, 2020 01:11 IST India Infoline News Service

Auto stocks were among the major bulls of Tuesday's trading session with buying recorded in heavyweight stocks. At around 1.38 pm, Nifty Auto was trading at 8,930.90 up 192.30 points or 2.20%. The index has touched the day's high of 8,935.50.

On the index, Bosch was the top gainer, trading at Rs12,539.45 per piece up Rs719.95 or 6.09%. The company was joined by M&M rising over 5%, Eicher Motors up 3.5% and Maruti Suzuki surging by 2.5%.

Maruti today expanded its 'Subscribe' reach to four more cities involving Mumbai (including Navi Mumbai and Thane), Chennai, Ahmedabad and Gandhinagar. Maruti Suzuki Subscribe - allows a customer to use a brand-new car without actually owning it. The company has already launched Subscribe in major cities like Delhi-NCR, Bangalore, Hyderabad, and Pune.

Also, Tata Motors surged by near 2%, lifting the index.

Other stocks that gained were - Exide Industries, Bajaj Auto, Amara Raja Batteries, Motherson Sumi and Ashok Leyland in the range of 0.44-1.5%.

Exide has announced a further investment of Rs33.17cr in its subsidiary (joint venture company) Exide Leclanche Energy and increased its shareholding to 80.15%.

Meanwhile, Motherson has extended its gain after outlining Vision 2025. The company expects $36B revenues in 2024-25 with 40% ROCE on a consolidated basis. The company said, 75% of revenues from the automotive industry, 25% from new divisions. Also, the company states 40% of consolidated profit as dividend.

However, stocks like Balkrishna Industries, TVS Motor, Bharat Forge and MRF were top underperformers plunging between 1-5%. 

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