Indian market closes flat on Thursday, minister says no rollback in cess on large cars
Top gainers for the day included M&M, Vedanta, Eicher Motors, Bajaj Auto, Dr Reddy's Labs, Bosch, Sun Pharma, Hindalco and Hero Motocorp while ITC, BPCL, Tata Motors (D), Bharti Airtel, Idea Celluar, Tata Motors and Coal India declined.
Meanwhile, Union Transport Minister Nitin Gadkari, while attending the Society of Indian Automobile Manufacturers'(SIAMs') 57th Annual Convention in New Delhi on Friday, said that the Union government will go ahead with the proposed 10 per cent hike in cess on large cars, according to media reports; there is no chance of a rollback.
The automobile industry is not in favour of the rise in cess on large cars as it is likely to total to 53 per cent if the GST Council decides to pass on the entire 10 percent when they met on September 9, media reported.
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