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Published on 4/01/2018 5:49:08 PM | Source: SPA Securities Ltd

Auto Sector Update - SPA Sec

Posted in Broking Firm Views - Sector Report| #Auto Sector #Sector Report #SPA Securities Ltd

Auto sales in December 2017 were sharply higher year-on-year, but that’s partly because sales in December 2016 were impacted by demonetisation. The CV sector has bounced back strongly after setbacks from demonetization and the BS-IV transition in 2017. TAMO reported 83% jump in M&HCV segment as its innovative Selective Catalytic Reduction (SCR) has been liked by customers. M&M reported good growth on a low base on the back of near normal monsoon, and its rural presence. Ashley too reported 82% growth in M&HCV on the back of the low base, good monsoon, and improved rural demand. In PV space, MSIL continued to top the chart with 10% growth, mainly driven by 20% growth in UV segment. Tata Motors witnessed a strong growth of 31% on the back of 406% growth in its UV segment, led by strong demand for new generation cars. M&M remained outlier with sales declining 7.5%. In 2W space, RE continued its run, with sales of sub-350 cc bikes growing 20%. Sales of 350 cc-plus bikes fell 20.4%, in line with a trend for the past few months barring October. TVSL posted a strong growth in 2W segment primarily because of 63.7% growth in bikes and 50.6% percent growth in scooters. Bajaj’s domestic two-wheeler sales were flat. HMCL, a formidable player in 100/110cc bikes, posted a growth of 43.2%.

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