⭐ GST Cut Hopes Boost Nifty Auto, AC Stocks Rally; ITC Falls, Dixon Technologies Jumps on ₹370 Cr JV
✅ Nifty Auto Index Surges Over 4%
👉 The Nifty Auto Index witnessed a strong rally after reports suggested that the government may cut GST on entry-level two-wheelers, compact cars, and hybrid vehicles.
👉 Maruti Suzuki surged 8.9%
👉 Hero MotoCorp jumped 5.9%
👉 Currently, automobiles attract 28% GST, the highest slab, which is under review.
✅ Air Conditioner Companies’ Shares Rally
👉 After PM Modi’s announcement on GST reforms, consumer durables stocks gained momentum.
👉 Blue Star, Voltas, Symphony, and PG Electroplast rose between 3% and 9%.
👉 If GST is reduced from 28% to 18%, AC prices could fall by ₹1,500–₹2,500 depending on the model.
✅ ITC and Tobacco Companies Decline
👉 While the overall market remained bullish, cigarette and tobacco stocks came under selling pressure.
👉 ITC, Godfrey Phillips, and VST Industries witnessed declines.
👉 Under the new GST structure, luxury and harmful goods (alcohol, tobacco, gambling) are proposed to be taxed at 40%.
✅ Dixon Technologies Forms ₹370 Cr JV
👉 Dixon Technologies announced a ₹370 crore joint venture with China’s HKC Overseas.
👉 The JV will focus on manufacturing LCD and TFT-LCD modules for TVs and mobile devices.
👉 Dixon will hold 74% stake, while HKC will have 26%.
👉 In Q1, Dixon’s net profit doubled to ₹280.02 crore, while revenue surged 95% to ₹12,835.66 crore.
#StockMarketNews #GSTUpdate
