In these days when the global economy is
shrouded in uncertainty and global equity markets are bleeding, the Indian auto
sector offers a silver lining as it continues to experience robust demand
across segments. Experts expect almost all major automakers to report healthy
growth both year-on-year and month-on-month. The auto industry will release
September sales numbers this weekend.
Hero Moto Corp, On the other hand, double-digit MoM growth is expected, likely to be the highest in this segment, and will be supported by the recovery in rural and export demand.
TVS Motor will continue to expect strong volume for the month of September, led by successful new launches and rising e-scooter sales.
Bajaj Auto is in decline and the company is expected to report low single-digit growth both month-on-month and year-on-year.
We expect the 2W segment to lead growth due to supply chain improvement, low system inventory and rural demand recovery, which is beneficial for 2W's economy segment, said Kripashankar Maurya, vice vice president of Choice Equities. The entry-level and high-end motorcycle segment has been sluggish lately.
Maruti Suzuki, Tata Motors and M&M are expected to post MoM volume growth of 4-5%, while year-on-year growth for both Maruti and M&M is expected to be close to triple digits. Tata Motors is expected to report 40% MoM growth.
Tata Motors will ship 33,300 units (up 5.7 % MoM), Ashok Leyland 14,850 units (up 5.2 % MoM) and Eicher Motors 6,250 units (up 3 % MoM) in September 2022. Increase in e-commerce and better connectivity the last mile. Buses are expected to recover somewhat, helped by the opening of schools and offices. Improving rural sentiment is likely to have boosted tractor sales, with both M&M and Escorts expected to post strong growth on a sequential basis.
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