TVS Motor shares gain 2.2 per cent, Ashok Leyland move up 1.6 per cent

TVS Motor shares gained over 2 per cent on Thursday, while those of Ashok Leyland rose over 1% after the Tamil Nadu government withdrew the input tax credit reversal of 3 per cent from fiscal year 2015-16 in budget.

The Government added that the step is taken in the budget to make the manufacturing industries in Tamil Nadu more competitive with their counterparts in the neighbouring states.

Companies have made provisions for the tax in fiscal Year 2014-15 to meet the regulation, analysts said.

At 02:00 pm, shares of TVS Motor were trading at Rs 265.10 on the Bombay Stock Exchange (BSE) Sensex, up 2.32 per cent or 6 points, while on the National Stock Exchange (NSE) index Nifty, the company's stocks were trading at Rs 265.15, up 2.22% or 5.75 points.

On the other hand, shares of Ashok Leyland were trading at Rs 68.15 on the BSE Sensex, up 1.19% or 0.80 points.

Tracking similar trend, shares of Ashok Leyland were trading at Rs 68.25 on the NSE Nifty, up 1.26% or 0.85 points.

(Reuters)