Mumbai, Aug 19 (IANS): Automobile companies' stocks surged Tuesday on the back of better sales prospects in the upcoming festive season and a better than expected monsoon in the rural areas.
At the Bombay Stock Exchange (BSE), the stock of the largest passenger car manufacturer Maruti Suzuki was up 1.39 percent or 37.60 points around 1.00 p.m. at Rs.2,744.90.
Tata Motors' stocks rose 2.14 percent or 10.80 points at Rs.514.70, and Mahindra and Mahindra's share prices were up 2.68 percent or 35.55 points at Rs.1,361.50.
Two-wheeler manufacturers Bajaj Auto's scrip gained 1.73 percent or 37.10 points at Rs.2,179.75. Hero MotoCorp's stocks stood at Rs.2,538, up 28.65 points or 1.14 percent.
According to market analysts, the fall in global crude prices and onset of the festive season have led to positive sentiment that the oil marketing companies (OMCs) will be able to come out with positive earnings figures.