Auto stocks surge on GST reforms; M&M jumps nearly 8 pc

NEW DELHI: Auto stocks surged on Thursday morning trade, with Mahindra & Mahindra climbing nearly 8 per cent, as small cars and entry-level bikes are set to get cheaper with the GST Council approving a complete overhaul of the tangled Goods and Services Tax regime.

Shares of Mahindra & Mahindra jumped 7.75 per cent, Eicher Motors surged 5.39 per cent, TVS Motor Company climbed 4.20 per cent and Hero MotoCorp went up by 3.56 per cent on the BSE.

The stock of MRF rallied 3.39 per cent, Bajaj Auto edged higher by 2.56 per cent, Apollo Tyres 2.49 per cent and Tata Motors went up by 2 per cent.