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Auto index hits new high on strong demand

Auto index hits new high on strong demand
Highlights

Auto Index Hits New High On Strong Demand. Shares of automobile and auto ancillary companies are on a roll with the Bombay Stock Exchange (BSE) S&P BSE Auto index hits new high today on back of strong demand.

Shares of automobile and auto ancillary companies are on a roll with the Bombay Stock Exchange (BSE) S&P BSE Auto index hits new high today on back of strong demand.

Motherson Sumi Systems, Bharat Forge, Maruti Suzuki India, Mahindra and Mahindra (M&M), Apollo Tyres, Tata Motors and Cummins India are trading higher in the range of 2-8% on the BSE.

S&P BSE Auto index, the second largest gainer from the sectoral indices, is up 2.5% at 15,626 points compared to 0.37% rise in S&P BSE Sensex at 1140 hours. The BSE auto index hits a new high of 15,633 during intra-day today.

In past one week, auto index has surged 3% against 0.55% rise in benchmark index, after the Government extended an excise duty concession by six months till December 31, 2014.

Maruti Suzuki India has rallied 5% to Rs 2,564, also its record high on BSE, after reporting a 33.5% year on year increase in its total sales for June at 1,12,773 units. The country's largest car-maker had sold 84,455 units in the same month last year.

Motherson Sumi Systems and Bharat Forge (up 8% each at Rs 349 and Rs 673 respectively) and Bajaj Auto (up 1.5% at Rs 2,347) are among auto index which hit their respective new high on the BSE.

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