Auto parts cos hit 52-wk highs

Chennai: Investors are stepping on auto component stocks, after domestic automobile companies reported robust sales. On Monday, stocks of several auto component companies hit their new 52-week highs re-enforcing the investor appetite.      Amara Raja Batteries, manufacturers of automotive batteries, closed at Rs 170.20 with a gain of 8.82%. Gear assembly manufacturer, HiTech Gears, shotup by 17.59% to close at Rs 108.30, while Motherson Sumi, which is into automotive wiring, touched a new 52-week. The stock closed at Rs 138.20 with a net gain of 4.86%. Shock-absorber manufacturer Munjal Showa closed at Rs 52.70 with a 7.22% increase. Fastener and automotive pump maker Sundram Fasteners shot up by 10.76% to close at Rs 52.      "The Indian auto components industry experienced a perceptible impact for sometime due to the economic meltdown in the US, Japan and other Western countries. The auto industry in these countries is the worst affected, thus hampering for  port of components from India," said economy thinktank CMIE in a research note. "North America (26.9%) and Europe (38.7%) make up for about two-thirds of the Indian exports of auto components. Although domestic intake was also affected, with some revival, the impact on the industry is expected to be less severe."