The Supreme Court banned the sale of BS-III vehicles in the country. The decision of the SC may drag the auto stocks for near term.
Some automobile companies are holding these vehicles in stock, wherein almost 8.2 lakh of the BS-III vehicles are still depository, according to a bench of Justices, Madan B Lokur and Deepak Gupta.
While the major auto stocks are trading with mixed sentiments in Thursday’s trading session, some of the auto ancillary stocks are buzzing on the bourses with the gains.
Rane group stocks are more in focus in the morning hours, since every stock of Rane group is trading with the gains of over 10%.
Rane Holdings touched intraday high of Rs 999.95 per share up by 14%. Rane Brake Linings touched intraday high of Rs 1064 per share up by 15%. Rane Engine Valves touched intraday high of Rs 674 per share up by nearly 20%. Sundaram Brake Linings touched high of Rs 424 per share up by nearly 15% on an intraday basis.