Auto stocks gain on expectation of strong Q4 results

By SiliconIndia   |   Wednesday, March 31, 2010
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Bangalore: Higher advance tax payment by most auto firms in the fourth and final installment of 15 March 2010 has triggered expectations of strong Q4 results from auto firms. Maruti Udyog, the country's largest car manufacturer, has forked out an advance tax of Rs. 250 crore in Q4 March 2010, much higher than Rs. 36.60 crore in Q4 March 2009. The BSE Auto index was up 1.70 percent to 7,620.17 and was the best performer among the sectoral indices on the BSE. It outperformed the Sensex, which was up 0.56 percent at 17,656.69 points. TVS Motor Company (up 1.22 percent to Rs. 78.70), Tata Motors (up 1.76 percent to Rs. 738), Maruti Suzuki India (up 1.86 percent to Rs. 1397.60), Mahindra and Mahindra (up 2.01 percent to Rs. 1075.75) and Bajaj Auto (up 5.40 percent to Rs. 1981.10) edged higher. Tata Motors, which did not pay any advance tax in the fourth installment of 2008-09, has paid Rs. 115 crore in the 15 March installment this year. Mahindra and Mahindra has paid Rs. 236 crore in advance tax in Q4 this year compared to nil advance tax payment in Q4 March 2009.
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