Nifty Auto touches fresh lifetime high on favourable August auto sales
时间:2024-06-26 12:36:55 阅读(143)
Nifty Auto touched a fresh lifetime high as the street factored in August’s favourable auto sales numbers that came in better than expected. New passenger vehicle sales touched an all-time high at 360,897 units on the back of robust demand in the market for newer models in the aspirational utility segments of Maruti Suzuki, MG Motors and Hyundai. Shares of Eicher Motors jumped 1.7%, while Motherson Sumi surged over 4% and Hero MotoCorp added 1.2% intraday.Festive boost for PV and CV segments
Indian automakers, particularly in the Passenger Vehicle (PV) and Commercial Vehicle (CV) segments, experienced an early onset of festive fervor in August. The month saw domestic PV sales reaching an all-time high, with 360,897 units sold. This surge was backed by the robust demand for new models from industry stalwarts like Maruti Suzuki, MG Motors, and Hyundai. Dhruv Mudaraddi, a Research Analyst at StoxBox, pointed out that the numbers emphasized the consumer shift towards feature-rich, larger vehicles, especially in urban markets. However, smaller vehicles saw a drop in sales, mainly in Tier 2, 3, and rural markets.
On the commercial vehicle front, Heavy and Medium Commercial Vehicle (H&MCV) volumes rose in anticipation of increased freight demand for the festive season. Light Commercial Vehicle (LCV) numbers, however, were subdued due to seasonal factors like the monsoon affecting the infrastructure sector.
Analysts’ take on the market trendsKaushik Dani, Fund Manager at Abans Investment Managers, emphasized the promising outlook for the auto sector as the festive season approached. He highlighted that despite prolonged waiting periods for some top models, the demand, especially in the premium two-wheelers and SUV segments, remained robust.
Echoing these sentiments, Dinesh Gupta from Torus Oro PMS mentioned that many auto Original Equipment Manufacturers (OEMs) reported higher volumes in August, with further growth expected in September. He stressed the importance of monitoring post-festival volumes, while expressing optimism for the CV segment.
Arun Agarwal from Kotak Securities provided a broader perspective, indicating that the wholesale volumes of domestic passenger vehicles in August 2023 surpassed their August 2022 figures. Two-wheeler export performance was sluggish, but the commercial vehicle segment likely experienced a mid-single-digit year-over-year growth.
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