Hyundai shares soar 7% to surpass IPO price, hit new all-time high amid high volumes
Shares of Hyundai Motor India surged 6.8% on Monday to hit a fresh all-time high of Rs 1,986.60 on the BSE, surpassing its listing day high of Rs 1,970 recorded on October 22, 2024, amid heavy trade volumes.
Around 12:20 pm today, 90,000 shares of the company were traded on the BSE, with a total turnover of Rs 17.95 crore. At the time, the company’s market capitalisation stood at Rs 1.56 lakh crore.
The rally in the stock may also be on the back of a combination of the following factors.
RBI’s repo rate cut may benefit auto demand
One of the broader macroeconomic factors possibly aiding auto stocks was the recent move by the RBI’s Monetary Policy Committee (MPC). On June 6, RBI Governor Sanjay Malhotra announced a 50 basis point cut in…
