KEEP AWAY FROM METALS:THE AUTO SECTOR IS ABOUT TO TAKE OFF

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For the first quarter of this fiscal year, autos did disappoint with numbers, but that was expected by the market, which did not react adversely despite the underperformance. Due to the high raw material prices, expectations were low anyway. With commodity prices correcting over the last quarter and many of the logistics and supply issues easing, expect there to be tailwinds for demand as we move forward, particularly on the CV side. These are four year cycles and we are probably in the first year of this four year cycle.

For passenger cars, too, we are entering a phase in which the increase in demand is fairly robust. In fact, waiting times for many of the newly launched vehicles are up to a year and a half, which is unprecedented. This tells us that there is a significant increase in demand and we also see that the restrictions are disappearing and that can only be good for the automotive sector.
We believe that this area will gain momentum in the future. If OEMs see tailwinds, it will result in auto parts suppliers doing well, also in the same vein. We remain constructive on this and think this cycle is on the verge of a start.
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