CV stocks witnessed strong buying interest, led by Tata Motors, which surged 9% to Rs 426. Ashok Leyland climbed 6% to Rs 161, while Eicher Motors advanced more than 3% to Rs 7,542. Force Motors gained 7% to Rs 19,175, and SML Mahindra rose 8% to Rs 4,177.
Oil prices hit March lows on Monday following the development. Brent slipped 4.5% to $83.47 per barrel, while West Texas Intermediate declined 5% to $80.70.
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For commercial vehicle manufacturers, lower crude oil prices are a big positive because they reduce operating costs for fleet owners and transport operators, improving the economics of truck and bus usage. Softer fuel prices can encourage higher freight movement, boost fleet utilisation, and support demand for new vehicle purchases. Lower crude prices also help ease inflationary pressures, which can improve overall economic activity and logistics demand.
US-Iran peace deal framework
US President Donald Trump and Iran’s deputy foreign minister said an initial agreement had been reached to end the war and restore shipping through the Strait of Hormuz.
“The Deal with the Islamic Republic of Iran is now complete,” Trump wrote on his Truth Social platform. “Ships of the world, start your engines. Let the oil flow,” he added. Trump said on Sunday that vessels would be able to pass through the Strait of Hormuz “toll-free” and that a US naval blockade of Iranian ports would be lifted.
Pakistan, which has acted as a mediator between the two sides, said the U.S. and Iran would sign a memorandum of understanding in Switzerland on Friday.Iran’s semi-official Mehr news agency reported that the draft agreement includes a provision to reopen the Strait of Hormuz within 30 days under arrangements overseen by Iran. The country’s Deputy Foreign Minister Kazem Gharibabadi said negotiations on a broader agreement would continue during a proposed 60-day ceasefire period.
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The deal also includes Lebanon, a region that has remained one of the most contentious issues in the negotiations, with Israel and Hezbollah continuing to exchange attacks despite repeated calls from Trump and others to halt hostilities in recent weeks.
The closure of the Strait of Hormuz for more than three months has removed millions of barrels of oil and gas supply from global markets. The waterway is a key route for roughly one-fifth of global oil and liquefied natural gas shipments.
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