Hindustan Motors zooms 15% on SUV plans; BSE Auto down 0.71%
Shares of Hindustan Motors surged nearly 15 per cent on Tuesday on the company’s plans to launch premium sports utility vehicles from the Mitsubishi stable in the price range of Rs 15-25 lakh within six months.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Hindustan Motors surged nearly 15 per cent on Tuesday on the company’s plans to launch premium sports utility vehicles from the Mitsubishi stable in the price range of Rs 15-25 lakh within six months.
The decision follows a surge in sales of Mitsubishi’s Pajero and Montero models during 2006-07 (Apr-Mar). The SUVs will be manufactured at the company's Chennai plant.
Pajero is priced at Rs 18.81 lakh while Montero at Rs 34.11 lakh. Hindustan Motors also manufactures and markets sedans Lancer and Cedia from Mitsubishi.
At 10:23 am, the stock rose 14.52 per cent to a high of Rs 28.40 and was the top gainer in the auto sector on BSE. Traded volume was 24,248 against two-week average of 8,09,670 shares.
However, auto majors were down in line with the broad market. Mahindra & Mahindra lost 0.68 per cent to Rs 652.50, Tata Motors shed 1.89 per cent to Rs 663.50, Maruti Udyog slipped 0.2 per cent to Rs 829. The BSE Auto Index was down 33 points or 0.71 per cent at 4,664.31.
Bombay Stock Exchange's Sensex was down 68 points or 0.46 per cent to 14,774.46 and National Stock Exchange's Nifty was down 18 points or 0.43 per cent at 4284.15.
The decision follows a surge in sales of Mitsubishi’s Pajero and Montero models during 2006-07 (Apr-Mar). The SUVs will be manufactured at the company's Chennai plant.
Pajero is priced at Rs 18.81 lakh while Montero at Rs 34.11 lakh. Hindustan Motors also manufactures and markets sedans Lancer and Cedia from Mitsubishi.
At 10:23 am, the stock rose 14.52 per cent to a high of Rs 28.40 and was the top gainer in the auto sector on BSE. Traded volume was 24,248 against two-week average of 8,09,670 shares.
However, auto majors were down in line with the broad market. Mahindra & Mahindra lost 0.68 per cent to Rs 652.50, Tata Motors shed 1.89 per cent to Rs 663.50, Maruti Udyog slipped 0.2 per cent to Rs 829. The BSE Auto Index was down 33 points or 0.71 per cent at 4,664.31.
Bombay Stock Exchange's Sensex was down 68 points or 0.46 per cent to 14,774.46 and National Stock Exchange's Nifty was down 18 points or 0.43 per cent at 4284.15.
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