Sri Lankan m
otor company share prices shot up again Wednesday after news of tax cuts of up to 50 percent on motor vehicle imports, brokers said.Diesel and Motor Engineering (DIMO), agents for German luxury car manufacturer Mercedes Benz, Cherokee of the US and heavy vehicles and car manufacturer TATA Motors in afternoon was trading at 648.00 rupees, up 97.25.
On Tuesday it closed at 550.75 rupees, up 105.00.
United Motor Lanka, agents for Mitsubishi Motors Corporation of Japan was trading at 145.00 rupees, up 9.25, and Sathosa Motors, agents for Isuzu cars and heavy vehicles was trading at 167.75 rupees, up 15.25.
Colonial Motors was trading at 116.50 rupees, up 9.00.
On Tuesday, UMLL closed at 135.75 rupees, up 30.25, while Sathosa Motors closed at 152.50 rupees, up 15.50 and Colonial Motors closed at 116.50 rupees, up 9.00.
The motor companies will only realize the tax cut benefits in the medium to long term, Thakshila Hulangamuwa, vice president at stock brokering firm Asha Phillip Securities said.
Another area of concern is if the government would increase or introduce new taxes on motor vehicles in future, he said.
Related Information:
Sri Lanka Vehicle Tax Slash Lauded by Motor Industry. SUVs to Come Down by Rs4mn. Car Prices too Come Down
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