There has been a boom in sales of car companies.
As soon as GST was implemented on 22 September, there was a tremendous sale of vehicles on the first day of Navratri. Maruti sold more than 30 thousand pits in a day. The impact of GST cut was not limited to the sale of vehicles only, but due to increasing sales, there has been a tremendous bounce in the shares of auto companies.
Shares of Maruti Suzuki, Hyundai Motor, Mahindra & Mahindra and Tata Motors saw a boom. The Nifty Auto Index was 2 2% above September 23. The Nifty Auto closed at 27154.30 on Monday, while it rose 2 per cent to 27720.80 on Tuesday morning.
BSE auto also
Since the announcement of the new GST, BSE Auto has given more than 5 percent returns to investors. According to BSE data, the BSE Auto was at 57,730.86 points on 3 September, which came to 61,946.82 points on 22 September. This means that BSE Auto has gained 4,215.96 points. The thing to note is that BSE Auto is also seeing a boom on 23 September. The sector is seeing a rise of 1,290.15 points and is trading at 61,946.82 points.
Auto companies do rich
Since the announcement of GST reform on 4 September, 4 big auto companies of the country have given tremendous returns. Maruti Suzuki shares have gone up 9.38% from 3 to 23 September. Similarly, Mahindra & Mahindra shares have gone up 12.3 % and Tata Motors shares have gone up 2.26 %. Hyundai has been at the forefront of investing investors, whose stock GST has gone up 13.21 % since one announcement.
| Company | 3 september ,Close, Share prize | 23 September share prize ,Hi, | Return |
| Maruti Suzuki | 14921 | 16321 | 9.38% |
| Hyundai Motor | 2514.70 | 2846.90 | 13.21% |
| Mahindra & Mahindra | 3284.55 | 3680 | 12.03% |
| Tata motors | 692.15 | 707.80 | 2.26% |
Thousands of vehicles sold on the first day
On 22 September, the price of cars was reduced considerably with the implementation of new GST rates. Monday was also the first day of Navratri. Auto companies have gained tremendous advantage of this. Maruti gave information about delivery of 30,000 trains in a day. Hyundai Motor also recorded a strong start due to GST 2.0 and festive atmosphere. Only on the first day, the company did about 11,000 dealers billings, which is the largest single-day figure of the last five years. Similarly, Tata Motors also managed to sell 10 thousand vehicles on the first day.
Also read- GST Rate Cut showed magic on the first day, new record of selling vehicles