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India’s automobile sector is expected to get a boost during the upcoming festive season, with a forecasted growth of over 15%, particularly in the two-wheeler (2W) segment. According to an ANI report, this projection comes from a research report by <keyword id="23122458" type="General" weightage="20" keywordseo="nuvama-wealth-investment-limited" source="keywords">Nuvama Wealth Investment Limited</keyword>, which attributes the growth to increased customer enquiries and a resurgence in rural demand. A key factor driving this surge is the anticipated revival of rural demand, which contributes more than 55% to the two-wheeler market. According to the report, rural areas are showing strong signs of recovery, and the increased enquiries suggest a positive outlook for sales. This bodes well for mass-market original equipment manufacturers (OEMs) such as TVS Motors, <keyword id="19983534" type="General" weightage="20" keywordseo="hero-motocorp" source="keywords">Hero MotoCorp</keyword>, and <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword>. The launch of new models, including the <keyword id="22875740" type="General" weightage="20" keywordseo="tvs-jupiter" source="keywords">TVS Jupiter</keyword> and Hero Xtreme 125R, is also expected to boost two-wheeler sales. In contrast, premium OEMs like Eicher Motors, which produces Royal Enfield motorcycles, may not experience the same level of demand growth. In the passenger vehicle segment, rural demand accounts for over 35% of the market. While growth in this area is expected to be in the single digits, it is anticipated that utility vehicles (UVs) will outpace hatchbacks with double-digit growth. This trend will likely benefit manufacturers such as Mahindra &amp; Mahindra and Tata Motors, with new models like the Mahindra Thar Roxx and Tata Currv expected to attract a significant share of customers. On the other hand, <keyword id="19909974" type="General" weightage="100" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, traditionally a strong player in the hatchback segment, may see more subdued growth compared to its rivals in the UV space. In preparation for the festive season, dealers have ramped up their inventories for both two-wheelers and passenger vehicles. According to the report, dealers have built up stocks for 1.5 to 2.5 months, signalling confidence in the market’s potential for increased sales. This build-up of inventory demonstrates that both manufacturers and dealers are optimistic about the surge in demand during the festive period. While two-wheelers and passenger vehicles are set to lead the charge this festive season, the commercial vehicle (CV) market is expected to grow at a more modest pace. Demand for medium and heavy commercial vehicles (MHCVs) is projected to increase in the low single digits, primarily driven by replacement demand as freight availability improves across India. Similarly, the tractor segment is expected to perform well over the next few years, with volume growth likely in the high single digits from FY24 to FY26. Tractors are seen as a strong performer in the long term, and the sector is poised to benefit from India’s agricultural demand and rural recovery. Looking beyond the festive season, the report suggests that the long-term outlook for the two-wheeler and tractor segments remains robust. Historical sales cycles, which typically span two to four years, suggest that these sectors could reach new peaks in the coming years. As a result, the report forecasts high single-digit volume growth for two-wheelers and tractors through FY24-26, while passenger vehicles and commercial vehicles are expected to see low single-digit growth. Overall, the Nuvama report paints a positive picture for the Indian automobile sector. (With PTI inputs)

Festive season to drive over 15% growth in Indian Automobile Market, says report

New Delhi, <keyword id="6357252" type="General" weightage="20" keywordseo="hero-Motocorp" source="Orion">Hero Motocorp</keyword> share price slumped more than 4 per cent after the Enforcement Directorate carried out searches at the residence of company Chairman <keyword id="87849" type="General" weightage="20" keywordseo="Pawan-Munjal" source="Orion">Pawan Munjal</keyword>. <keyword id="7029" type="General" weightage="20" keywordseo="Hero" source="Orion">Hero</keyword> Motocorp share was trading at Rs 3,066, down 4.3 per cent on BSE. In troubles for Hero Motocorp chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations. According to ED sources, the agency sleuths carried out searches at the premises of Munjal and 10 others. The source said that the financial probe agency action was based on the complaint by the Directorate of Revenue Intelligence (DRI) case against Munjal. The DRI team had found foreign currency from Munjal's premises, the source claimed. However, the officials of the ED remained tight-lipped on the case and searches against Hero Moto Corp chairman. san

Hero Motocorp stock slumps after ED searches at Pawan Munjal's residence

<ul><li>Market is hoping that the government will continue with its push for schemes like Atmanirbhar Bharat, Make in India, and the PLI.</li><li>Capex spending is not expected to be as high as FY24 but is expected to be in the range of 10-20% higher than the year before.</li><li>Along with infra push, rural economy driven schemes are expected to receive allocations as it has been under the cloud of a weak monsoon. </li></ul>Union finance minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> set the stage for low expectations from the upcoming Interim Budget, insisting that there would be no spectacular announcement. The interim budget allows the incumbent government to undertake expenditures till a new government is formed after general elections. The stock markets too have not been expecting much from it either. After BJP’s wins during state elections drove a rally, they hope the government will keep pushing along the path of fiscal consolidation. Investors expect the government will provide impetus to key policy reforms such as Atmanirbhar Bharat, Make in India, and the PLI scheme in FY25. “The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the reforms outside the purview of the Budget. Nonetheless, the market participants continue to view it as a critical catalyst stimulating the growth of the Indian economy and, thereby, the Indian market,” said <keyword id="20204942" type="General" weightage="20" keywordseo="pranav-haridasan" source="keywords">Pranav Haridasan</keyword>, MD and CEO, Axis Securities. The Big Question of public capex The Indian government’s capex push in FY24 has aided large-scale infrastructure growth. This helped mid and small cap companies gain ground as private capex is still elusive. Any announcements on this side could be market movers. “Major public capex is unlikely since the FM has to achieve the fiscal deficit target of 5.9% for FY24 targeted in the 2023 budget. Also the massive public expenditure done through the budget provision last year has helped in triggering growth in the Indian economy. Therefore, the government’s priority would be to achieve fiscal discipline,” opines Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services. While the FY24 Union Budget saw a 35% rise in capex spending, this time the market hopes it to be anywhere around 10-20%. Its focus is likely to continue to be on infrastructure like roads, water, metro, railways, defense, digital infrastructure, and green technologies. All which will drive investment-driven growth. Driving the rural economy A few experts also believe that the government might give the rural economy a much needed push as it’s not fully recovered from the pandemic. Particularly because buoyant tax collections have kept India’s fiscal situation of FY24 in a good stead. “We expect the government to stick to its path of fiscal consolidation, without compromising on quality of expenditure. In the wake of weaker monsoon and pressure seen in Rabi sowing season, focus will be on providing support to rural growth. Important schemes such as PM-KISAN, MGNAREGA, Housing for all, free food grains, will continue to hold significant importance,” said <keyword id="20368299" type="General" weightage="20" keywordseo="sonal-badhan" source="keywords">Sonal Badhan</keyword>, economist at Bank of Baroda. If the rural economy gets a boost, it will be a positive for FMCG majors like HUL, Marico, Dabur whose volume growth has been sluggish for the last few quarters. It will also aid as well as <keyword id="19983534" type="General" weightage="20" keywordseo="hero-motocorp" source="keywords">Hero Motocorp</keyword>, M&amp;M, while continued infra push can be good news for L&amp;T, RVNL, IVRCL, Tata Power and more. Market experts also believe that if the government tightens its belts, and chugs along the path of fiscal discipline, it spells good news for global investors. Marzban Irani, CIO, Fixed Income at LIC Mutual Fund Asset Management worries that popular measures ahead of the elections may play spoilsport. "Normally, we do not expect any path breaking policy announcements in an interim budget. But there is always scope for unconventional moves. In my view, the Centre should try to adhere to the fiscal deficit target as it gives a clear signal to global investors,” Irani added.

Interim Budget 2024: Markets don’t expect big bang measures but hope infra & rural push to continue

<ul><li>Tata Motors reported a 4% fall in total domestic sales in April as compared to the same period last year.</li><li>Hero MotoCorp announced a dip of 5% in its total wholesales as it sold 3.96 lakh units in April against 4.18 lakh units last year.</li><li>Maruti Suzuki reported a growth of 6.5% in passenger vehicles, while TVS Motor announced a 4% rise in sales to 3.06 lakh units in April.</li></ul>Shares of automobile companies remained in focus on Tuesday after the April sales data of Tata Motors and Hero MotoCorp disappointed the street. At the same time, Maruti Suzuki, TVS Motor and Eicher Motor reported healthy growth in sales. Tata Motors reported a 4% fall in total domestic sales to 68,514 units in April as compared to 71,467 units during the same period last year. Total commercial vehicle sales of the automaker also dipped 27% to 22,492 units in April from 30,838 units last year. Also, its total wholesales declined 4% to 69,599 units as compared to 72,468 units last year. Following the weak sales, shares of Tata Motors fell more than 2% on Tuesday. Two-wheeler manufacturer Hero MotoCorp also reported a dip of 5% in its total wholesales — as it sold 3.96 lakh units in April against 4.18 lakh units last year. Shares of Hero MotoCorp were down more than 2%. Domestic sales for the two wheeler maker declined marginally to 3.86 lakh units in April 2023 from 3.98 lakh units in April 2022. But its exports slumped over 50% to 9,923 units from 20,132 units last year. The company said it expects the momentum to build up in the coming months on account of a combination of multiple factors, including a slew of new product launches, a healthy growth in the country's GDP and positive consumer sentiment. Maruti Suzuki, TVS Motor, Eicher Motors shine India’s largest carmaker Maruti Suzuki announced a good sales growth of 6.5% in passenger vehicles to 1.6 lakh units in April as compared to 1.5 lakh during the same period last year. It registered a 7% increase in total dispatches to dealers at 1.6 lakh in April. Its total sales including domestic and exports rose to 1.6 lakh units from 1.5 lakh units last year. As a result, shares of Maruti Suzuki gained 2.15% to ₹8,771. The automaker’s total domestic sales including PV, LCV and OEM stood at 1.43 lakh units as compared to 1.32 lakh units last year. Maruti Suzuki highlighted that it has been facing a shortage of electronic components while it has taken all possible measures to minimise the impact. Meanwhile, TVS Motor Company announced a 4% rise in sales at 3.06 lakh units in April 2023 from 2.95 lakh units in the same month, last year. TVS’ two-wheeler segment delivered a sales growth of 5% to 2.94 lakh units from 2.8 lakh units during the same period last year. Motorcycle volumes rose 10% to 1.52 lakh units from 1.39 lakh units. Scooter sales grew 5% to 1.07 lakh units from 1.02 lakh units last year. Reacting to the April sales numbers, shares of TVS rose 1.55% to ₹1,156 per share. Its electric vehicle, the iQube, reached a sales milestone of 1 lakh units. “The production for April 2023 was constrained due to AIS156 changeover and supply chain challenges, TVS Motor is confident of ramping up from the month of May 2023. The order book for TVS iQube continues to be very robust and TVS Motor will retain the growth momentum,” said the company in an exchange filing. At the same time, Eicher Motors reported a 18% on year jump in sales volumes of Royal Enfield motorcycles at 73,136 units against 62,155 units last year. Meanwhile, the international business of the company declined 49% to 4,255 units that were exported in April 2023 as against 8,303 units in April 2022. The models with engine capacity up to 350cc recorded 26% sales growth at 64,728 units as against 51,564 units in April 2022. Meanwhile, the sales of models with engine capacity exceeding 350cc dropped 21% to 8,408 units sold against 10,591 units in the same period last year. As a result, shares of the automaker rose 1.77% to ₹3,359 apiece. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/the-world-need-welders-drivers-and-specialised-teachers-to-prepare-the-next-generation-for-a-new-world/articleshow/99927007.cms">Teachers in demand for a ‘new world’ as tech is all set of eat away jobs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/7-out-of-10-indians-are-unable-to-identify-ai-voice-call-scams-and-half-fall-for-scams-with-monetary-losses/articleshow/99924644.cms">7 out of 10 Indians are unable to identify AI voice call scams, and half fall for scams with monetary losses</a>

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Festive season to drive over 15% growth in Indian Automobile Market, says report

BI India Bureau

Hero Motocorp stock slumps after ED searches at Pawan Munjal's residence

IANS

Interim Budget 2024: Markets don’t expect big bang measures but hope infra & rural push to continue

Katya Naidu

Tata Motors, Hero MotoCorp stocks slip after April sales disappoint; Maruti Suzuki, TVS Motor, Eicher Motors rise

Bhakti Makwana

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