Total sales of Tata Motors, Bajaj Auto and Ashok Leyland in June exceeded Street estimates, rekindling hopes of a rebound in the space, though those of Maruti Suzuki fell short of expectations. Analysts are positive about the demand prospects for the sector in the coming months given the easing of input costs and the chip shortage.
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In this edition of the Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest on the auto sector, Maharashtra government updates, windfall tax, increased import duty on gold, and more.
The government has hiked gold import duty to 15 percent from 10.75 percent to check the current account deficit (CAD) and the rising import of the yellow metal. The duty changes came into effect on June 30.
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Meanwhile, the Supreme Court came down heavily on suspended BJP spokesperson Nupur Sharma for her controversial remarks against Prophet Muhammad during a television debate on the Gyanvapi mosque row. The court said she was “single-handedly responsible” for fanning flames across India and should apologise to the whole nation.