Auto stocks fall despite rise in passenger vehicle wholesales
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Auto industry stocks fell on the BSE, even after Society of Indian Automobile Manufacturers (SIAM) in its latest data has showed that passenger vehicle wholesales in India rose 11 per cent year-on-year in February 2024, as sports utility vehicles continued to steer demand in the market. The total passenger vehicle dispatches to dealers in February 2024 stood at 3,70,786 units, as compared to 3,34,790 units in the year-ago period.
Tata Motors is currently trading at Rs. 991.95, down by 24.65 points or 2.42% from its previous closing of Rs. 1016.60 on the BSE.
Mahindra & Mahindra is currently trading at Rs. 1864.60, down by 28.90 points or 1.53% from its previous closing of Rs. 1893.50 on the BSE.
Maruti Suzuki India is currently trading at Rs. 11367.15, down by 139.60 points or 1.21% from its previous closing of Rs. 11506.75 on the BSE.
Passenger vehicles again reported its highest-ever sales of February posting sales of 3.7 lakh units with a growth of 10.8 per cent as compared to February 2023. The total two-wheeler sales rose 35 per cent to 15,20,761 units in February 2024, as against 11,29,661 units in the same month last year. Three-wheeler dispatches rose to 54,584 units in February 2024, as against 50,382 units in February last year.
SIAM President Vinod Aggarwal has said that passenger vehicles, two-wheelers, and three-wheelers have posted growth in February 2024 compared to the previous year, while commercial vehicles have witnessed a slight de-growth. He said overall robust GDP growth of the country in the third quarter of 2023-24 has helped the auto sector.
