Revving Up: Auto Stocks Soar on Upcoming GST Reforms
Auto stocks surged on Monday with Maruti Suzuki leading the pack, driven by anticipated GST reforms. The BSE auto index rose significantly, while GST changes are expected to lower tax rates, benefiting the auto sector and boosting sales. Prime Minister Modi seeks state cooperation for GST reform rollout by Diwali.
- Country:
- India
Auto stocks captured the spotlight on Monday, with shares of Maruti Suzuki India surging nearly 9% amid expectations of major GST reforms by Diwali.
Key players like Maruti Suzuki, Hyundai Motor, and Ashok Leyland saw substantial gains, contributing to a 4.26% rise in the BSE auto index.
Prime Minister Modi's upcoming GST reforms aim to restructure tax rates, anticipated to lower costs and stimulate auto sector sales. The proposed changes, already circulated among states, are set to significantly impact consumer affordability and demand.
(With inputs from agencies.)
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