India's auto index rises 1.9 pct on tax cut plans

Newswire

MUMBAI, Feb 29 (Reuters) - Shares in Indian vehicle makers rose on Friday on proposals to cut excise duties in the federal budget for the fiscal year 2008/2009. The sector index rose as much as 1.9 percent to 4,920.39 on the proposed tax reductions. The finance minister proposed to cut excise duties on buses and chassis to 12 percent from 16 percent, and on small cars to 12 percent from 16 percent. He also cut duty on hybrid cars to 14 percent from 24 percent. Shares in top car maker ...

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