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Axis Securities Report
The domestic two-wheeler industry witnessed strong volume growth of ~9%/19% and total exports were up by 14%/2%% YoY/ month-on-month respectively.
The domestic passenger vehicle sales degrew by 1-4% YoY (up 3% MoM), largely due to weakness in Maruti Suzuki India Ltd./Tata Motors Ltd./Hyundai/ Honda partly offset by strong domestic SUV volumes by Toyota/ Mahindra and Mahindra Ltd./ Kia/ MG.
The domestic commercial vehicle industry sales degrew by ~11% YoY (marginally up 3% MoM) mainly due to lower medium and heavy commercial vehicle truck volumes which were partly set off by high bus volumes).
The three-wheeler domestic wholesales for Bajaj/M&M grew by 2%/32% while TVS de-grew by 7% YoY. The domestic tractor industry witnessed flat volume growth YoY.
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India Strategy – ‘Stock Melt-Up’ Reduces Forward Equity Return Prospects: ICICI Securities
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