A potential GST cut on automobiles could spark a rally in auto stocks, with Mahindra & Mahindra, Maruti Suzuki, Ashok Leyland, and TVS Motor seen as key beneficiaries, Nomura said. The brokerage’s scenario analysis suggests upside across all cases, highlighting margin gains and demand boost potential, though Maruti’s near-term outlook remains Neutral pending clarity on the tax cut.
