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In the realm of wholesale volumes, the performance of PVs was notably strong, marking a growth of 5% YoY and an impressive 11% on MoM basis. Maruti Suzuki experienced a 5% YoY increase in its domestic PV volumes, accompanied by a substantial 14% sequential growth which can be attributed to the growth seen in SUV segment and a strong underlying order book. Tata Motors volumes were flat on YoY and QoQ bases. Mahindra & Mahindra domestic volumes continue to remain robust on back of strong order book. Company reported its highest ever SUV sales in a month at 36,205 growing 30% YoY. Overall domestic volumes grew 19%/6% YoY and MoM basis.CV volumes were in line with our expectations. TATA Motors experienced a modest 4% YoY and MoM decline, whereas Ashok Leyland showcased an impressive 11% growth in both YoY and MoM comparisons. The 2W segment continue to face declining volumes in July. Hero MotoCorp encountered a 12% YoY decline and a further 10% dip in MoM comparisons. Bajaj Auto also grappled with a decline in volumes, experiencing a setback of 15% YoY and 8% on a MoM basis. Exports situations are expected to improve in coming months. TVS Motors overall volume grew 4% and 3% on YoY and MoM basis and exports declined 15% on yearly basis. The tractor segment witnessed a dip due to seasonal factors. In this context, Escorts Kubota managed a 4% YoY increase, but faced a considerable 43% contraction on a sequential basis.

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