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The <keyword id="23021375" type="General" weightage="20" keywordseo="domestic-passenger-vehicle-industry" source="keywords">domestic passenger vehicle industry</keyword> volumes declined by low single digit in August 2024 as compared with August 2023, because of weak retail demand trends and higher <keyword id="21396778" type="General" weightage="20" keywordseo="inventory-levels" source="keywords">inventory levels</keyword> at the dealerships according to Kotak Institutional Equities. The report suggests that the major reason for the sluggishness in sales of tractors is the uneven spatial distribution of rainfall, particularly in northern and eastern regions. It also highlights that growth will pick up in the coming months on the back of <keyword id="23021373" type="General" weightage="20" keywordseo="improved-monsoon" source="keywords">improved monsoon</keyword> conditions. The upcoming festive season will also improve the situation as traditionally it is a peak period for auto sales. Strong festive demand could help offset some of the losses experienced in the first half of the fiscal year. The weak wholesale figures in August were driven by private vehicles (PV), commercial vehicles (CV) and tractor original equipment manufacturers (OEM). Retail sales declined in single digits (yoy) for most of the companies. The PV segment saw a low single-digit decline in domestic wholesale volumes year-on-year (YoY) in August 2024, driven by weak retail demand and elevated inventory levels at dealerships, which stood at approximately 70 days. The retail sales fell by mid-single digits YoY during the month. Maruti Suzuki India Limited (MSIL), the largest player in the segment, reported a 4 per cent YoY drop in total volumes, including a 5 per cent decline in domestic sales but it was partially offset by a 6 per cent rise in the export volumes. MSIL's wholesale market share is estimated to have slipped by 250 basis points YoY to approximately 40.5-4 per cent says the report. Other major players also faced challenges in sales. Tata Motors recorded a 3 per cent YoY decrease in PV volumes, while Hyundai Motors reported an 8 per cent drop. However, Mahindra &amp; Mahindra (M&amp;M) bucked the trend with a 16 per cent YoY increase in PV volumes, and Toyota India posted a significant 37 per cent YoY growth on low volumes. Kia and MG Motors also experienced an uptick in sales. The two-wheeler (2W) segment showed resilience with high single-digit YoY growth in domestic wholesale volumes, largely driven by channel filling ahead of the festive season. Retail sales of the internal combustion engine (ICE) two-wheelers grew by mid-single digits YoY, while electric two-wheeler (EV 2W) sales surged by 41 per cent YoY, propelled by new mass-market EV launches and attractive discounts. Among the key players, Hero MotoCorp (HMCL) saw a 5 per cent YoY rise in volumes, and TVS Motor reported a robust 14 per cent YoY increase, with growth in both domestic and export segments. Bajaj Auto's volumes grew by 18 per cent YoY, driven primarily by domestic sales. However, Royal Enfield faced a 5 per cent YoY decline in volumes. Going forward, the report highlighted that the Commercial Vehicle (CV) segment underperformed during the month, with domestic volumes declining by low double digits YoY, primarily due to weakness in the Medium and Heavy Commercial Vehicle (MHCV) truck and Light Commercial Vehicle (LCV) segments. Tata Motors experienced a 15 per cent YoY drop in domestic CV volumes, with sharp declines in Small Commercial Vehicle (SCV) cargo (down 23 per cent) and MHCV trucks (down 15 per cent). Ashok Leyland also reported a 7 per cent YoY decline in CV volumes, while VE Commercial Vehicles (VECV) managed a modest 1 per cent YoY increase. In August, the domestic tractor segment remained flat YoY with volumes coming in 5-6 per cent. During this period, M&amp;M's tractor volumes grew by 1 per cent YoY, while Escort Kubota's volumes remained unchanged compared to the same period last year. The report says that strong festive demand could help offset some of the losses experienced in the first half of the fiscal year, particularly if economic conditions and consumer sentiment improve.

Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

<ul><li>The 30-share BSE Sensex was trading 215 points higher, and NSE Nifty was trading 0.43% higher at 13,025 points at 9:55 am.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indexes edged higher on Tuesday following their best monthly gain since April, with sentiment boost from a smaller-than-expected contraction in<a href="https://www.businessinsider.in/policy/economy/news/indias-gdp-shrunk-7-5-in-july-september-markets-had-feared-much-worse/articleshow/79448045.cms"> Asia’s third-largest economy</a>. The 30-share BSE Sensex was trading 215 points higher, and NSE Nifty was trading 0.43% higher at 13,025 points at 9:55 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Cement Limited </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UltraTech Cement </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy’s Lab </td></tr></tbody></table>*as of December 1, 9:50 am These are the top stocks in news today. Escorts slips into the red post-November sales The shares of major tractor Escorts slipped in red on profit booking post-November sales update. The company reported a 33% year-on-year increase in November sales led by a 91% jump in exports. Bajaj Auto trades 2% higher The shares of Bajaj Auto gained over 2% after the company reported 5% year-on-year in November sales led by robust two-wheeler sales. HCC trades 7% higher The shares of Hindustan Construction Company gained over 7% after the company in a joint venture with Vensar Constructions Company (VCCL), has received two separate contracts worth ₹236 crore from the Northeast Frontier Railway. ICICI Lombard up over 2% The shares of ICICI Lombard gained over 2% after the Insurance Regulatory and Development Authority of India (IRDAI) gave an in-principle approval for the acquisition of the non-life insurance business of Bharti Axa General Insurance by ICICI Lombard General Insurance Company. Indiabulls Housing Finance gains 3% The shares of Indiabulls Housing Finance soared over 3% after it further sold a portion of its stake in OakNorth Holdings to raise approximately ₹93 crore. Future Consumer plunges over 4% The shares of Future Consumer plunged over 4% after Bennett, Coleman &amp; Company (BCCL) reduced its stake in the company to 4.25% from 6.33% via open market transaction. Premier Explosives locked in 5% upper circuit The shares Premier Explosives were locked in a 5% upper circuit after the company bagged a contract worth ₹14 crore from the Ministry of Defence for the supply of 26 mm Chaffs. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-in-november-car-bike-sales/articleshow/79489474.cms" data-type="tilCustomLink"> November auto sales estimates — Here’s what to expect from Maruti, M&amp;M, Hero, Bajaj Auto, and other automakers</a> <a href="https://www.businessinsider.in/india/news/centre-invites-agitating-farmer-unions-for-talks-on-december-1-two-days-ahead-of-a-scheduled-meeting/articleshow/79502391.cms" data-type="tilCustomLink">Centre invites agitating farmer unions for talks on December 1, two days ahead of a scheduled meeting</a>

Top stock movers — Bajaj Auto, Future Consumer, Escorts, HCC, ICICI Lombard, Indiabulls Housing Fin, Premier Explosives, and others

<ul><li>While the market seems to be focusing on the brighter side, here are some triggers impacting the economy and markets that need to be noted.</li><li>From expectation of low monsoon to decline in <keyword id="46211" type="General" weightage="20" keywordseo="auto-sales" source="Orion">auto sales</keyword> there are various factors indicating a slowdown.</li><li>Meanwhile, Indian stock markets are continuing to hit record highs with growing liquidity in the market.</li></ul>While the market participants seem to be enjoying the euphoria of frequent record highs, there are some concerning triggers to be noted. While data has shown a <a href="https://www.businessinsider.in/policy/economy/news/opinion-indias-economy-may-be-growing-faster-than-expected-as-the-second-wave-of-the-pandemic-was-less-damaging-than-most-had-feared/articleshow/85811841.cms">better-than-expected recovery</a> in the April-June quarter, the economy is not back to the level it was before the pandemic. Between agriculture and automobile manufacturing, nearly two-fifth of the country’s economy is in doldrums. But the Nifty is still hovering around its <a href="https://www.businessinsider.in/stock-market/news/nifty-50-hits-historic-high-and-tops-17000-points/articleshow/85791229.cms">record high</a> that it hit on August 31. Here are some of the triggers to take notice: Monsoon deficit Poor rains in August have widened the monsoon deficit in the country. The India Meteorological Department (IMD) has indicated that the overall monsoon is likely to be at the ‘lower end of the normal’ in the country. Weak monsoons have a cascading effect on the agriculture segment, which makes for 20% of India’s gross domestic product (<keyword id="35050" type="General" weightage="20" keywordseo="gdp" source="Orion">GDP</keyword>) and supports the livelihood for more than 100 million people, directly or indirectly, according to NABARD All India Rural Financial Inclusion Survey 2016-17. The impact of less-than-expected rains reflected in the decline in tractor sales of some of the manufacturers like Mahindra &amp; Mahindra and Escorts in August compared to the month before it. Tractor sales in some of these auto makers dipped in August. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tractor sales </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Month-on-month growth </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year-on-year growth </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mahindra &amp; Mahindra </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-21.60% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-12.70% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Escorts </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-13.30% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-21.70% </td></tr></tbody><tbody></tbody></table> Broking firm CLSA reportedly expects a month-on-month decline of 18% for tractors in Q2. A report by JM Financial indicates that these slowing trends may revert soon. “The irregular pattern of rainfall in July-Aug 2021 however impacted agri-related investments including tractor sales but the overall growth trend is likely to revert back, as our checks suggest,” said the report. Declining auto sales Auto sales in August 2021 saw a month-on-month decline in volumes across most segments as automobile makers cut production amid a worsening global chip shortage. Auto companies’ growth counts in a major way as it contributes 7.1% to the country’s GDP. Analysts expect the slowdown in vehicle sales to continue in coming months as auto part manufacturers face semiconductor shortages. The COVID-19 pandemic has reportedly driven up demand for semiconductor chips that are used in cars and computers and so on. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Auto makers </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Month-on-month growth </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-19.55% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.25% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-23.20% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.77% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-8.35% </td></tr></tbody><tbody></tbody></table> “Semiconductor availability remains a challenge for most original equipment manufacturers (OEMs) and will lead to a demand-supply mismatch in the upcoming festive season as channel inventory is already below normal,” said a report by BOB Capital Markets. Analysts at broking firm CLSA reportedly see further month-on-month decline for passenger vehicles, commercial vehicles and tractors. Fall in government spending Government spending that supported GDP growth since the start of the pandemic has started to come down. Government expenditure declined 4.8% in the June quarter of 2021. “Government spend this year would likely be in the form of transfer/subsidies payments, with no material contribution to GDP,” said Madhavi Arora, Lead Economist, Emkay Global. Weak consumer demand The Reserve Bank of India (RBI) data for August shows that the consumer confidence remained weak and at an all-time low due to lower incomes and higher level of price. “Driven by substantial improvements in the outlook for general economic situation and employment scenario after the waning of the second wave of the COVID-19 pandemic, the future expectations index (FEI) returned to optimistic territory; respondents placed higher confidence on household income going forward,” said RBI’s consumer confidence survey. Signs of rising COVID-19 cases Rising COVID cases is another risk haunting the economy with fear of an imminent third wave. On September 2, India reported 47,092 new infections, the biggest single-day rise in two months. About 509 deaths were recorded during the past 24 hours, according to the Health Ministry. Moreover, resurgence of infections in countries like the US are seens as signs of another wave for other countries. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-is-shutting-down-its-singapore-and-uk-based-subsidiaries/articleshow/85858611.cms">Zomato is shutting down its Singapore and UK-based subsidiaries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/common-financial-mistakes-to-avoid/articleshow/85856175.cms">Common financial mistakes to avoid in your 30s</a>

Sobering signals that Indian stock markets may be ignoring in this euphoria

Low base along with initial upsurge in demand due to the <keyword id="36208" type="PERSON" weightage="20" keywordseo="festive-season">festive season</keyword> boosted <keyword id="6045637" type="UNKNOWN" weightage="20" keywordseo="domestic-passenger-vehicles">domestic passenger vehicles</keyword>' sales in August on a year-on-year basis. According to industry data released on Friday, a total of 2,15,916 passenger vehicles were sold in the domestic market, representing a rise of 14.16 per cent, than the 1,89,129 units off-take during the like period of 2019. Similarly, the data released by <keyword id="8927894" type="COMPANY" weightage="20" keywordseo="the-society-of-indian-automobile-manufacturers">the Society of Indian Automobile Manufacturers</keyword> (SIAM) showed a sequential growth in sales during August. In July, the domestic passenger vehicles' sales had declined by 3.86 per cent to 182,779 units from 1,90,115 units sold during the corresponding month of the previous year. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-august-month-cars-bikes-sale-number-from-maruti-suzuki-mahindra-escorts-hero-motocorp-tvs-bajaj-auto-and-others/articleshow/77866568.cms?upcache=2" data-type="tilCustomLink">August auto sales a mixed bag —Maruti records 17% jump, Escorts, M&amp;M post strong tractor sales, while CV players continue to feel the pain</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-suzuki-and-mm-to-hero-motocorp-and-bajaj-auto-in-august-auto-sales/articleshow/77844066.cms" data-type="tilCustomLink">Here’s what to expect from Maruti Suzuki and M&amp;M to Hero MotoCorp and Bajaj Auto in August auto sales</a>

August auto sales: Festive season boosts passenger vehicles' sales, shows SIAM data

Mumbai, Apr 13 () The coronavirus outbreak and inventory correction before transition to BS-VI emission norms are expected to pull down aggregate revenue of some of the auto and auto ancillary companies by 26 per cent in March quarter even as the near-term weakness in demand is likely to continue as COVID-19 persists, a report said on Monday.Besides, the higher discounts and operating de-leverage are expected to contract aggregate margins by 240 basis point year-on-yea, Emkay Global Financial Services, said in its report on the auto and auto ancillaries. Most of the manufacturing activities, including in the auto sector, are suspended since March 25 when the government implemented a 21-day lockdown to contain the spread of coronavirus.States like Maharashtra, Punjab, Odisha, Telangana and West Bengal have already announced the extension of lockdown till April 30. "Aggregate revenue (in March quarter) is likely to decline 26 per cent year-on-year, owing to the Covid-19 outbreak and inventory correction before BS6 transition. Firms that are likely to record a steep fall in revenue are deep cyclicals or companies with global linkages," Emkay Global said.The March quarter topline of the companies covered under the report are likely to be weak with 28 per cent year-on-year fall , it said adding the decline will be sharp for deep cyclicals and companies with global linkages.The auto makers included in its analysis are Tata Motors, M&amp;M Ltd, Maruti Suzuki India, Hero MotoCorp, TVS Motors, Ashok Leyland, Bajaj Auto, Eicher Motors, Escorts and Atul Auto. Apollo Tyres, Amara raja, Exide, Motherson Sumi and Bharat Forge were among the ancillary makers. The report said it expects the rebound in sales to be sooner in passenger vehicles, premium motorcycles and tractors segment."Although near-term weakness is expected to continue as the Covid-19 outbreak drags, a gradual recovery is likely from H2FY21 led by a low base, better rural sentiment and pent-up demand. We believe recovery to be sooner in PVs, premium motorcycles and tractors," Emkay Global said in the report. IAS SHW ANUANU

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Auto Industry sales to surge on the back of improved monsoon, festive season demands: Report

ANI

Top stock movers — Bajaj Auto, Future Consumer, Escorts, HCC, ICICI Lombard, Indiabulls Housing Fin, Premier Explosives, and others

Navdeep Yadav

Sobering signals that Indian stock markets may be ignoring in this euphoria

Bhakti Makwana

August auto sales: Festive season boosts passenger vehicles' sales, shows SIAM data

IANS

COVID-19, inventory correction before BSVI transition to hit auto revenues in March qtr

PTI

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