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New Delhi, Jul 10 () The Competition Commission on Friday said it has given nod to acquisition of a little over 9 per cent stake in Escorts Ltd by Kubota Corporation, and 40 per cent stake acquisition in Kubota Agricultural Machinery India by Escorts. In March, domestic tractor maker Escorts had said that Kubota Corporation and the company have decided to strengthen their partnership under which the Japanese tractors and machinery leader will pick a 10 per cent stake in the Delhi-based company for Rs 1,042 crore. Under the deal, Escorts will allot about 1.23 crore equity shares through a preferential issue to Kubota Corp at Rs 850 per share, it had said. The equity sale will be from the shares held by Escorts Benefit &amp; Welfare Trust to ensure that the total equity share capital of the company remains unchanged. Kubota Corp will subscribe to 1,22,57,688 equity shares of Escorts constituting 9.09 per cent of the equity stake on a pre-capital reduction and 10 per cent on a post-capital reduction basis, as per the combination notice filed with the regulator. Besides, the notice also said that Kubota Corp will acquire the complete 40 per cent shares held by Sumitomo Corporation in Kubota Agricultural Machinery India Pvt Ltd, which would subsequently by acquired by Escorts. The fair trade regulator in a tweet said it "approves the acquisition of 9.09 per cent in Escorts Limited (Escorts) by Kubota Corporation and of 40 per cent in Kubota Agricultural Machinery India Private Limited by Escorts." Kubota Corp is a global manufacturing company, specializing in agriculture, water and living environment products. Kubota Corp and Escorts already have a joint venture, Escorts Kubota India, in which the Japanese company owns 60 per cent stake, while the rest is with Escorts. SRS RVK

CCI approves Kubota Corp's 9 pc stake-buy in Escorts

Mumbai, Mar 20 () Domestic tractor maker Escorts and Kubota Corporation have decided to strengthen their partnership under which the Japanese tractors and machinery leader will pick a 10 per cent stake in the Delhi-based company for Rs 1,042 crore. The deal, coming at over 48 per cent premium on the current market value of Escorts, is one of the largest Indo-Japanese agriculture collaborations and will integrate technological excellence and innovation to provide latest farm mechanization solutions across the globe, the companies said. Already both the companies have a joint venture Escorts Kubota India in which the Japanese company owns 60 per cent and the rest is with Escorts. But with the new equity partnership, Escorts will also acquire 40 per cent stake in Kubota Agricultural Machinery India, the marketing and sales company of Kubota India. This is in pursuant of the preferential share allotment to the Japanese company, Escorts said in a statement. "To further deepen our existing relationship Kubota has decided to pick up 10 per cent equity stake, on a post-capital reduction basis, in Escorts to integrate and deepen their relationship towards achieving their mutual global ambitions," the Escorts statement said. On completion of the transaction, pending regulatory and shareholders' approvals, Escorts and Kubota will partner to become a leading player in India on one hand and make India a hub for product development, manufacturing and sourcing for global markets, the statement added. Under the deal, where JM Financial was the sole financial advisor, Escorts will allot 1.23 crore equity shares through a preferential issue to Kubota at Rs 850 a share. The equity sale will be from the shares held by the Escorts Benefit &amp; Welfare Trust to ensure that the total equity share capital of the company remains unchanged. Kubota's investment will constitute 9.1 per cent of the equity stake on a pre-capital reduction and 10 per cent on a post-capital reduction basis for a total investment of Rs 1,042 crore, the statement added. The price represents over 48.2 per cent premium over the last traded price on March 19. The companies expect the deal to help Escorts in innovation, indigenization of global R&amp;D, and act as a global sourcing hub for Kubota; while the Japanese company gets assured supply of cost-effective products in and for India, joint product development for global markets, and expansion of product range. Nikhil Nanda, the chairman and managing director of Escorts, said this collaboration aims at leveraging R&amp;D strengths of Kubota to offer cutting-edge products for domestic and export markets, serving customers in new markets and new product lines. "With our manufacturing expertise and strong domestic distribution combined with collaboration with Kubota, we aim to reach our objective of becoming the market leader in farm mechanization, and address the food security challenge," Nanda said. Yuichi Kitao, president of Kubota said this strategic investment is a validation of our mutual commitment to offer best in-class technology products for global markets and thereby enhance customer experience. "With this collaboration, we believe we will cater to India and other growing economies which require high-end technology and new age tractors to address growing demands of highly mechanized farming," he said. Kubota Corp is a global manufacturing company, specializing in agriculture, water, and living environment products, with a worldwide network spread over 100 countries. The Escorts counter rallied to Rs 675.20, up 17.73 per cent on the BSE against the benchmark Sensex rallying 5.75 per cent after four days of the blood bath. BEN MRMR

Japanese Kubota Corp widens JV with Escorts, picks up 10% stake for Rs 1,042 cr

<ul><li>Escorts shares have jumped almost 70% since March 31.</li><li>According to<a href="https://www.business-standard.com/article/markets/auto-q1-preview-tractor-two-wheeler-companies-may-buck-the-slowdown-trend-120072000232_1.html"> analysts reports</a>, Escorts is projected to see a revenue dip of nearly 24%, which is far better than many of its peers. </li><li>Escorts has aggressively increased its market share by launching new models in the last few years.</li></ul>While coronavirus battered Indian automobile industry sales, investors were betting on Escorts long term prospects. The shares of the tractor major have jumped almost 70% since March 31— all thanks to the whopping demand for its tractors in rural India despite the economic slowdown. <div type="image" title="Escorts share" msid="77180521" hostid="261"></div>According to Brokerage firm Edelweiss, <keyword id="7485523" type="UNKNOWN" weightage="20" keywordseo="escorts-sales">Escorts sales</keyword> have shown a positive recovery, driven by strong Rabi crop harvest, procurement by state governments at remunerative prices, healthy water levels and timely arrival of monsoon was the major sales driver in the past three months. Here’s how the sales growth looks like in the past quarter: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Escorts </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales growth % </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-86.60% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.40% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.10% </td></tr></tbody></table> The June sales growth may seem encouraging, but the subdued sales of April and May is expected to drag the Q1 revenue. According to<a href="https://www.business-standard.com/article/markets/auto-q1-preview-tractor-two-wheeler-companies-may-buck-the-slowdown-trend-120072000232_1.html"> analysts reports</a>, Escorts is projected to see a revenue dip of nearly 24%, which is far better than many of its peers. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stocks </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % since March 31 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Escorts </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">110.00% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">59% </td></tr></tbody></table> Targeting exports to create new growth avenues Year on year, the company has been aggressively working towards expanding its export outreach. It has increased its presence in markets like Sri Lanka, Bangladesh and Nepal with the share of exports in total sales increasing from 1% in 2016 to around 4% in the last financial year. According to Edelweiss, Its recent tie-up with Japan’s Kubota may fast-track its export growth, where Escorts hold about 40% stake in the joint venture. New model launches led to market share gains in the last 5 years Escorts has aggressively increased its market share by launching new models in the last few years. The company was earlier known for its strong presence in mid-range tractors (i.e. 31-40 horsepower and 41-50 hp). However, the mid-range tractors constrained growth in western and southern India, where soil conditions suit the usage of lower HP tractors. Frequent launches across all segments enabled the company to gradually regain some lost market share in the last 4-5 years. <div type="image" title="Escorts" msid="77180558" hostid="261"></div> The next growth engine for the company The railways have been the fastest growing business for Escorts in the last 10 years. And, the management has been adding new products such as automatic doors for metros and high-speed trains, coach dampers, heavy-duty locomotive dampers, rubber to metal bonded products, and much more. According to Edelweiss, the business has more than doubled in the past four years, while profits have expanded by over 3 times. “Over the last 5 years, its order book from the railway segment has increased to ₹500 crore in FY20 from ₹150 crore in FY16. Since the current order book is expected to get executed within 12-15 months, it presents healthy revenue visibility for the business,” the report said. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/air-india-regional-office-forms-panel-to-identify-employees-who-would-go-on-leave-without-pay-for-upto-five-years/articleshow/77178915.cms" data-type="tilCustomLink">Air India regional office forms panel to identify employees who would go on leave without pay for upto five years</a> <a href="https://www.businessinsider.in/business/corporates/news/asian-paints-first-quarter-earnings-revenue-profit-and-share-price-chart/articleshow/77146344.cms" data-type="tilCustomLink">Asian Paints profit falls nearly 68% - but demand recovery in June could hold ray of hope</a>

The 70% rally in Escorts shares is hinged on a good monsoon and  exports⁠— the orderbook will be key

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>Two wheeler sales were robust in January with top players seeing over 20% growth in sales volume.</li><li>Passenger vehicles sales went up in the mid teens, with sales tilting towards utility vehicles.</li><li>Commercial vehicle sales fell marginally, but tractor sales declined sharply. </li></ul>Indians kept up with their love for cars and bikes in the month of January, but tractor sales showed a sharp fall, indicating extended pain in the rural markets. Passenger vehicles sales went up in the mid teens, with sales tilting towards utility vehicles. “As per our estimates, domestic PV industry wholesale volumes increased by low teens <keyword id="19921444" type="General" weightage="20" keywordseo="yoy" source="keywords">YoY</keyword> driven by channel filling whereas retail sales grew by single digit during the month,” said a report by Kotak Institutional Equities. The country’s largest automaker Maruti Suzuki posted a robust 16% sales volume even as its mini portfolio of <keyword id="20400567" type="General" weightage="20" keywordseo="alto" source="keywords">Alto</keyword> and S Presso fell by 37%. Its utility vehicle portfolio sales doubled as compared to January 2023, indicating a shift in consumer preferences. Hyundai Motors reported 14% growth whereas Toyota witnessed strong growth of 92% on a YoY basis in January. Tractor sales slump Tata Motors too showed the same pattern as its total auto sales went up 6%, with commercial vehicle (CV) sales falling by around 2%. Even VE Commercial Vehicles saw its CV volumes slip by 2%. <keyword id="19967472" type="General" weightage="20" keywordseo="mahindra" source="keywords">Mahindra</keyword> and Mahindra too posted 15% sales growth on the back of its robust UV sales, even as its tractor sales declined by 17%. <keyword id="19906966" type="General" weightage="20" keywordseo="ashok-leyland" source="keywords">Ashok Leyland</keyword> and Escorts also saw tractor sales decline by 7% each. “Domestic tractor industry volumes saw a low-teen decline owing to tapering of agriculture activities led by a delayed harvesting season and lower rabi sowing. Announcement of higher horticulture production, government support and improved Rabi sowing will support demand recovery in coming months,” opines Kotak. January auto sales <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January sales </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">199,364 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra &amp; Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97,892 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">86,125 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 339,513 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 356,010 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero Moto Corp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">433,598 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Escorts Kubota </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,185 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Leyland </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,939 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">VE Commercial Vehicles </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,066 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td></tr></tbody></table>Source: Kotak report Two wheelers: Off to a flying start Steady demand, a favourable base has pushed two-wheeler sales of most players, even as exports remained tepid during the month. All the three listed players - Hero, Bajaj and <keyword id="20036540" type="General" weightage="20" keywordseo="tvs" source="keywords">TVS</keyword>’ sales grew over 20% during the month. As per a report by Jefferies, two wheeler sales will outpace that of passenger vehicles in 2024, due to pent-up demand. The sales of two wheelers which have been lagging behind passenger vehicles (PVs) for the last three years; are expected to catch up. It expects two wheelers sales to grow at 15% compounded annual growth rate (CAGR) over the next two years, while passenger vehicles and trucks are expected to grow at 7-8% CAGR. PVs on the other hand, which showed robust growth for the last two years, will grow albeit at a lower pace. “Compared to the respective FY19 peaks, FY23 volumes were 23% lower for 2Ws but 15% higher for PVs,” said Jefferies. In 2023, 2Ws started charting their recovery, and grew at 9.5% as compared to 11% growth seen in PVs, as per data by Federation of Automobile Dealers Associations (FADA). New model launches as well as lower fuel prices and crop payments can also aid growth, the association said in its 2024 outlook.

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CCI approves Kubota Corp's 9 pc stake-buy in Escorts

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Japanese Kubota Corp widens JV with Escorts, picks up 10% stake for Rs 1,042 cr

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The 70% rally in Escorts shares is hinged on a good monsoon and exports⁠— the orderbook will be key

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