NEW DELHI: Most auto stocks traded higher in early trade on Monday, after domestic auto firms reported a set of mixed sales numbers for June and announced price cuts after the rollout of the goods and services tax ( GST ).The BSE Auto index rose 0.65 per cent and was trading at 23,565 around 9.55 am (IST).Shares of Ashok Leyland were trading 4.69 per cent higher at Rs 98.25, followed by Eicher Motors (up 1.59 per cent) and Maruti Suzuki (up 1.28 per cent).Ashok Leyland reported 11 per cent rise in sales at 12,330 units against 11,108 units sold in the same month last year. M&M was trading higher despite the leading SUV manufacturer having reported an eight per cent drop in overall sales for June.According to M&M, total sales for the month declined to 35,716 units from 39,009 units sold during the same month a year ago.Hero MotoCorp was trading 0.17 per cent higher at Rs 3,703. The country’s largest two-wheeler maker Hero MotoCorp reduced prices of its mass selling models by up to Rs 1,800 to pass on the GST benefits to customers.The quantum of reduction on the mass-selling models ranged from Rs 400 to Rs 1,800, the company said in a statement. However, some of the premium segment models would see a reduction of up to Rs 4,000 in certain markets. The benchmark BSE Sensex traded 153 points, or 0.50 per cent, higher at 31,074, while NSE’s Nifty index rose 42 points, or 0.44 per cent, to 9,562.

Source: Economic Times July 03, 2017 05:03 UTC