Auto stocks in focus amid government push on hydrogen-powered vehicles

In what could be a big development for automobile companies such as Tata Motors, M&M, and Ashok Leyland, the Ministry of Road Transport has issued a draft notification, asking the firms to start the production of hydrogen-powered vehicles.

The ministry has proposed that the companies produce Hydrogen IC engines for the M and N categories of vehicles.

To know automobile companies' views on the same, the government has asked for suggestions and objections from them in 30 days.

जल्द #Hydrogen से चलेगी आपकी गाड़ी
- हाइड्रोजन से चलने वाली गाड़ियों का उत्पादन शुरू करने की तैयारी
- @MORTHIndia ने ड्राफ्ट नोटिफिकेशन जारी किया
- M और N कैटेगरी वाहनों के लिए Hydrogen IC इंजन का प्रस्ताव
- सभी Stakeholders से 30 दिनों में मांगे सुझाव और आपत्तियां@ZeeBusiness pic.twitter.com/JAiffz2Hnn

— Ambarish Pandey (@pandeyambarish) July 5, 2023

In its notification, the ministry said that all engines will use compressed hydrogen in gas form.

Passenger trains are considered M-category vehicles, while goods trains fall under the N category.

At the time of writing this news, shares of Tata Motors were trading flat at Rs 591.65 on the BSE. Mahindra & Mahindra was also flat at Rs 1,464 on the BSE.

Ashok Leyland was also trading flat at Rs 163.70 on the BSE, up 0.37 per cent.

These aside, other auto stocks, too, are expected to be in focus today. They are as below:

Maruti Suzuki India

The company is slated to launch its Invicto model in India today, and some significant movement is expected in the stock today.

The stock was trading 0.83 per cent higher at Rs 9,726.40 on the BSE.

Bajaj Auto

Bajaj Auto will be another stock to watch out for.

The company is set to launch a new series of 400-cc motorcycles today.

Bajaj Auto has inked a deal with Triumph Motorcycle in the UK to launch the new range of bikes.

Last seen, Bajaj Auto's stock traded 0.35 per cent higher at Rs 4,637.85 on the BSE.

Eicher Motors Ltd.

Stocks of Eicher Motors Ltd. fared poorly on Tuesday, as they were down 6.26 per cent on the BSE at market close.

The shares got a big jolt after American automobile company Harley-Davidson launched the X440 motorcycle on Tuesday in collaboration with Hero MotoCorp.

In the morning deals, the stock dipped 0.41 per cent to Rs 3,388 on the BSE.

Hero MotoCorp

Eicher Motors' loss was Hero MotoCorp's gain, as the latter's share closed the day with a jump of 4.45 per cent at the BSE on Tuesday.

It showed good signs on Wednesday as well as it was trading 1.36 per cent higher at Rs 3,069.60.