Shares in AvtoVAZ, Russia's biggest car producer, jumped over 20 percent on Wednesday after Prime Minister Vladimir Putin promised to raise import duties on foreign cars, analysts said.
AvtoVAZ's ordinary shares were up 22.62 percent by 16.30 Moscow time, while preferred shares had gained 14.92 percent.
Rising import duties would give major benefits to local producers, Finam analyst Vasily Konovalov said. "Moreover, Prime Minister Vladimir Putin did more or less positive PR job for Lada cars when he drove a Lada Kalina on the Khabarovsk-Chita highway," Konovalov said.
During the trip, Putin said the government planned to push foreign car producers to shift their plants to Russia by raising import duties.
Some other car producers' stock also showed slight growth on the news, Finam Management Chief Economist Alexander Osin said. Sollers shares, for instance, were up 5.78 percent by 16.30 Moscow time.
MOSCOW, September 1 (RIA Novosti)
