Also Read- Adani Ports share price hits record high as cargo volumes surge 33% in February While Based on volumes reported by OEMs, Jefferies estimate domestic two-wheeler wholesales rising by 35% YoY in February, which was the fifth consecutive month of more than 15% growth (yer-to-date-FY24: 13%), even export volumes showed a strong trend and grew around 45% YoY in February. TVS Bajaj Auto reported the highest 24-33% YoY growth. “Versus our estimates, volumes were better for TVS Motor Company and Hero MotoCorp and mostly inline for others", said analysts at Jefferies.
The domestic passenger Vehicle industry wholesale volumes growth of around 11% is likely to have been driven by steady demand trends and channel filling, said analyts. The retail sales during the month are likely to have grown in the high single digits. Maruti Suzuki (India) Ltd domestic volumes rose 9% year-on-year in February 2024, led by strong growth in the SUV segment, partly offset by a decline in hatchback and sedan segment volumes.
Analysts at Kotak Institutional Equities said that “as per our estimates, Maruti Suzuki’s wholesales market share stood at 42.8% (down 120 bps year-on-year)". Tata Motors reported a 19% year-on-year improvement in Passenger Vehicles volumes, whereas Mahindra & Mahindra volumes increased by 40% year-on-year in February 2024. Domestic Commercial Vehicle segment volumes declined in the low single digits year-on-year, which came in line with our expectations, said analysts at Kotak Institutional Equities.
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