Tata Motors (4%), Bharat Forge (2.82%), Sundaram Fasteners (4.26%), Motherson Sumi Wiring (2.88%), Bosch Ltd (2.23%), TI India (1.89%), Ashok Leyland (1.63%), TVS Motors (1.31%), Uno Minda 1.20% and M&M (1%) were the top gainers in early deals.
Tata Motors (4%), Bharat Forge (2.82%), Sundaram Fasteners (4.26%), Motherson Sumi Wiring (2.88%), Bosch Ltd (2.23%), TI India (1.89%), Ashok Leyland (1.63%), TVS Motors (1.31%), Uno Minda 1.20% and M&M (1%) were the top gainers in early deals.Shares of auto firms staged a strong rally on Wednesday morning after PM Narendra Modi announced the conclusion of the Free Trade Agreement (FTA) with the United Kingdom (UK), along with a Double Contribution Convention.
This treaty implies that automotive tariffs will fall from 100% to 10% under a quota as per the FTA. This will also include crucial auto components industry as well. BSE auto index rose 736 pts to 51,637 in early deals today against the previous close of Rs 50,901. Auto stocks were the top sectoral gainers today.
Shares of Tata Motors (4%), Bharat Forge (2.82%), Sundaram Fasteners (4.26%), Motherson Sumi Wiring (2.88%), Bosch Ltd (2.23%), TI India (1.89%), Ashok Leyland (1.63%), TVS Motors (1.31%), Uno Minda 1.20% and M&M (1%) were the top gainers in early deals.
On similar lines, the Nifty auto index rose 764 pts to 23,501 against the previous close of 22,737.
Meanwhile, Sensex slipped 55 points to 80,586 and Nifty was up 4 pts at 24,384 in the afternoon session today.
The deal agrees to quotas on both sides for autos imports. It would also result in lowers tariffs on goods such as whisky, advanced manufacturing parts and food products such as lamb, salmon, chocolates and biscuits.
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