Maruti Suzuki, Tata Motors, M&M, and Hero MotoCorp: According to Nomura India, the Shraddha period, which is seen as unlucky, spans between September 29 and October 14. As a result, September retail sales were much higher year over year.
According to September’s car sales data, the two-wheeler and tractor segments performed poorly while the passenger vehicle market experienced substantial retail growth. Sales data, according to Net-net experts, was favorable.
Because the Shraddha period, which is seen as unlucky, spans between September 29 and October 14, September retail sales were much higher YoY, according to Nomura India. In comparison to September 10–25 in 2022, it was stated. – Maruti Suzuki, Tata Motors, M&M, and Hero MotoCorp
Data showed that Maruti Suzuki’s volume increased by 3% to approximately 1,81,300 units. It fell 5% YoY to around 45,300 vehicles for Tata Motors. To facilitate a smooth transition to new generation models like the Nexon and Nexon EV, Tata Motors’ wholesale sales fell. According to Motilal Oswal Securities, Mahindra & Mahindra UVs (including pickups) increased 15% year over year.
The wholesale sales of domestic two-wheelers from Hero MotoCorp, TVS Motor, and Eicher Motors increased by 2%, 6%, and 1%, respectively. Retail sales for the three two-wheeler manufacturers increased by 3%, 28%, and 8% YoY, respectively.
“Despite the ongoing domestic recovery beginning to spread and accelerate, we still favor two-wheelers, and we anticipate that exports will gradually improve as well. Now that the worst of the downturn is over. When it comes to OEMs, Emkay Global reiterated its preference for TVS Motor (a structurally superior 2W play that is also staking its claim to E-2W leadership), Hero MotoCorp (a strong premiumization drive paired with fair valuations), and Eicher Motors (starting to deliver on growth and to emerge stronger despite the recent competition).
The PV industry, according to Nomura India, posted its highest absolute monthly dispatches ever, while the rate of growth was only 2.5% YoY. However, the rise in the retail sector was significantly larger, at 14% YoY.
Strong demand and a steady competitive environment, according to Motilal Oswal, are the reasons it favors CVs over other market categories. “We choose businesses with a strong financial sheet, a competitive advantage, attractive margin drivers, and a high degree of demand recovery visibility. Our top OEM options are Tata Motors and Ashok Leyland,” the statement read.
