Hero MotoCorp, Eicher Motors among key Nifty gainers as markets scale new highs. Two wheeler sales remain in fast lane.

Hero MotoCorp, Bajaj Auto, Eicher Motors (RE) shined after strong November month sales. Hero MotoCorp, Eicher Motors with gains of close to 2% stood amongst key Nifty gainers while Bajaj Auto with gains of close to 1% was also not much behind on a day when Nifty with gains of more than 1.5% scaled new highs.

Domestic wholesales grew double-digit across OEMs in November with volumes up 50-77% YoY for TVS and Bajaj, and up 14-25% YoY for Eicher Motors (Royal Enfield), Honda and Hero. Based on volumes reported by OEMs (original Equipment manufacturers) , analysts at Jefferies India Pvt Ltd estimate that domestic two-wheeler (2W) wholesales rose 31% year-on-year in November (9%, Year to date in FY24).

Registrations in the month also grew 19% YoY, partly boosted by the later timing of the festive season this year, as per Jefferies. The combined September -November registrations were up a healthy 8% YoY (up 7% YTD-FY24).

Also Read- L&T, HAL, UltraTech, among 32 top stock picks of PhillipCapital post-elections Two-wheeler registrations growth of 30% y-o-y and 50% sequentially with Hero's volume growing at 80% on a sequential basis indicating a positive momentum in the entry-level segment and a possible rural recovery, said analysts at Antique stock Broking. As the two-wheeler the domestic sales impressed, however, export sales remained soft and declined a slight 2% year on year, and 5% month on month.

Also Share of Electric Vehicles in two wheelers fell 100 basis point month on month to 4.1% in November as per Jefferies data While two-wheeler sales were in fast lane the Passenger Vehicles (PV) sales growth and Commercial Vehicle (CV) sales growth was a mixed bag. Passenger vehicles sales though grew but overall numbers for