Auto stocks ride high as passenger vehicle wholesales surge 13.54% in May
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Stocks related to the auto industry were trading higher on the BSE, as passenger vehicle wholesales surge 13.54% in May
Ashok Leyland is currently trading at Rs. 155.55, up by 1.55 points or 1.01% from its previous closing of Rs. 154.00 on the BSE.
Tata Motors is currently trading at Rs. 570.75, up by 8.95 points or 1.59% from its previous closing of Rs. 561.80 on the BSE.
Mahindra & Mahindra is currently trading at Rs. 1378.90, up by 6.70 points or 0.49% from its previous closing of Rs. 1372.20 on the BSE.
TVS Motor Company is currently trading at Rs. 1347.30, up by 0.90 points or 0.07% from its previous closing of Rs. 1346.40 on the BSE.
The Society of Indian Automobile Manufacturers (SIAM) in its latest data has said that domestic passenger vehicle wholesales grew by 13.54 per cent in May 2023 to 3,34,247 units, as compared to the same month last year. It stated dispatches of passenger vehicles (PVs) from manufacturers to dealers were at 2,94,392 units in May 2022.
It also said Two-wheeler domestic wholesales were at 14,71,550 units, as against 12,53,187 units in May last year, a growth of 17.42 per cent. Similarly, three-wheeler wholesales were higher at 48,732 units, as compared to 28,595 units in May 2022. Moreover, it said total vehicle dispatches across categories were at 18,08,686 units, as compared to 15,32,861 units in May 2022.
SIAM President Vinod Aggarwal SIAM said ‘All the segments viz. passenger vehicles, two-wheelers and three-wheelers have posted growth in double digits in May 2023, compared to May 2022. We anticipate this trend to continue supported by the prevalent economic environment’.
