Auto Stocks Outlook For The Week – 30.01.2017 To 03.02.2017
Auto Stocks Outlook For The Week – 30.01.2017 To 03.02.2017
( www.rupeedesk.in )
Stocks of most automobile companies are likely to rise in line with the broader market next week as investors await the Union Budget for the next financial year starting April. Finance Minister Arun Jaitley will present the Budget on Wednesday. Taking cues from the bullish trend seen in the trading sessions of last two days, Nifty Auto index is seen rising towards 10300 points. This trend will continue at least till Wednesday. The automobile sector will keenly follow Jaitley's speech on Wednesday, hoping for measures and statements on infrastructure, manufacturing, research and development, and taxation. Any indication towards the goods and services tax rate for various segments of vehicles and anti-dumping duty on Chinese tyres will also be closely monitored by investors. The industry also expects some bold measures to bring the economy back on track after the demonetisation shock. Automakers had faced a sharp decline in sales after the government withdrew high-value banknotes from circulation in November. Maruti Suzuki India Ltd is the only automaker that escaped largely unscathed by the cash curbs. The carmaker posted a 47.5% on-year rise in net profit to 17.45 bln rupees in Oct-Dec, beating estimates. Another company that looks good on technical charts for next week is Ashok Leyland Ltd, the third largest commercial manufacturer in the country.
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Auto Stocks Outlook For The Week – 30.01.2017 To 03.02.2017
( www.rupeedesk.in )
