Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    

| More

Auto sales numbers for the month of September: Angel Broking

Posted On: 2017-10-04 09:07:22

Views of Mr. Shrikant Akolkar (Research Analyst - Automobiles, Angel Broking):

Ashok Leyland continues with strong growth in MHCV volumes

Ashok Leyland September-17 volumes were better than expected. Total volumes grew by 27.5% yoy to 15,370 units vs. our expectation of 13,926 units. MHCV volumes grew by 31.8% yoy to 11,804 units while LCV volumes grew by 15.3% to 3,566 units. The MHCV volumes have been growing by about 30% for the last two months indicating a robust demand for the BSIV compliant vehicles based on the new technology, iEGR. For the last two months, Ashok Leyland's LCV volumes have grown by 14-15% whereas cumulatively between May-2017 to July-2017, company reported 26% yoy growth indicating that LCV growth is slower in the past two months (August to Sept 2017). We maintain accumulate rating on the stock with price target of Rs 134.

Hero MotoCorp numbers slightly below expectations

Hero MotoCorp reported 6.8% yoy growth in the 2W volumes in Sept-2017. The numbers were slightly below our expectations, especially considering the ongoing festive season. Company sold total 7,20,739 vehicles which are highest ever in its history. We expect growth to pick up in the second half in the current fiscal due to the weak base of 2HFY17 and strong demand scenario for the two wheelers that we are witnessing. We maintain accumulate rating on the stock with a price target of Rs 4,226.

Bajaj Auto reports good numbers, 3Ws shows solid recovery

Bajaj Auto 's September-2017 numbers have been better than expectations. Total volumes (2W + 3W) grew by 13.8% vs our expectation of 10%. Domestic motorcycle volumes grew by 7.3% yoy, this is highest growth in the last 12 months. Company in the earlier 10 months had reported decline in the domestic motorcycle volumes. The motorcycle exports grew by 20.5% yoy, this is second month in row when motorcycle exports have grown. Total motorcycle volumes in the month grew by 11.4%. The surprise however was the 32% growth in 3W volumes which have grown in both domestic (37% growth) and export markets (25.5% growth). Total 3W volumes grew by 32% yoy which is highest growth in the last 18 months. We maintain accumulate with price target of Rs 3350.

Maruti's September numbers below expectations

MSIL's September numbers have surprised us negatively. Total volume growth was at 9.3% to 163,071 units, this was 3% below our expectations. While mini segment volumes declined yoy, compact segment volumes have shown a 45% yoy growth. Overall passenger cars grew by 11% yoy. UV volumes growth has slowed down to 8% yoy compared to double digit growth reported in earlier several months. Total domestic passenger vehicle volumes were up 9.6%. Export volumes were flat yoy but have been maintaining a monthly run rate of about 11,000 units for third month in row. MSIL has recently said that it is adding another shift in Gujarat plant to ease the capacity constraints. The Baleno and Brezza continue to have a strong order book of about 18-20 weeks. While the growth has slowed down a bit, this could be due to the slower economic activity, post GST as well as the cess hike taken earlier in September 2017. We expect growth to pick-up in the month of October-2017 on the occasion of festive season, maintain accumulate with a price target of Rs 8,666.

Source: Equity Bulls

Click here to send ur comments or to

Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only., its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.

Other Headlines:

Company Update: Venky's India Ltd - ACCUMULATE - TP Rs.4600 - Kotak
Company Update: NBCC (India) Ltd - BUY - TP Rs.229 - Kotak
Company Update: Petronet LNG Ltd - BUY - TP Rs.276 - Kotak
India Inc. has INR 1.8 lakh crore of cash trapped in their balance sheets: EY Report
Company Update: KNR Constructions Ltd - BUY - TP Rs.348 - Kotak
Akzo Nobel India Ltd - Initiating Coverage - Kotak Securities
Greenply Industries - Initiating Coverage - Angel Broking
Growth of India's apparel exports contingent upon overcoming internal and external headwinds: ICRA
Management Meet Update: Kansai Nerolac Paints Ltd - BUY - TP Rs.600 - Kotak
Ajanta Pharma - Initiating Coverage - Arihant Capital Markets
Result Update: Indo Count Industries Ltd - BUY - TP Rs.135 - Kotak
Arihant Capital Markets - Ambuja Cement 4QCY17 Result Update - HOLD
Result Update: Bodal Chemicals Ltd - ACCUMULATE - TP Rs.164 - Kotak
Result Update: Mahindra & Mahindra - BUY - TP Rs.864 - Kotak
Result Update: The India Cements Ltd - BUY - TP Rs.195 - Kotak
Result Update: Sun TV Network Ltd - REDUCE - TP Rs.994 - Kotak
Result Update: Voltas Ltd - ACCUMULATE - TP Rs.648 - Kotak
Result Update: Oil India Ltd - ACCUMULATE - TP Rs.392 - Kotak
Result Update: Petronet LNG Ltd - BUY - TP Rs.285 - Kotak
Result Update: Carborundum Universal Ltd - BUY - TP Rs.418 - Kotak
Proposed opening of coal sector to private players: Angel Broking
Result Update: Vascon Engineers Ltd (VEL) - BUY - TP Rs.57 - Kotak
Initiating Coverage: HSIL Ltd - Angel Broking
Result Update: The Phoenix Mills Ltd - BUY - TP Rs.672 - Kotak
Result Update: Time Technoplast Ltd - BUY - TP Rs.214 - Kotak
Result Update: Shipping Corporation of India - BUY - TP Rs.110 - Kotak
Result Update: PNC Infratech Ltd - BUY - TP Rs.208 - Kotak
Result Update: KNR Constructions Ltd - ACCUMULATE - TP Rs.348 - Kotak
Result Update: NBCC (India) Ltd - ACCUMULATE - TP Rs.229 - Kotak
Result Update: Jindal Stainless Hisar Ltd - BUY - TP Rs.318 - Kotak
Result Update: NMDC Ltd - SELL - TP Rs.130 - Kotak
Result Update: Talbros Automotive Ltd - BUY - TP Rs.389 - Kotak
Result Update: Sterling Tools Ltd - ACCUMULATE - TP Rs.428 - Kotak
Result Update: FIEM Industries Ltd - BUY - TP Rs.1203 - Kotak
Management Meet Update: Escorts Ltd - BUY - TP Rs.1051 - Kotak
Result Update: GE Shipping Company - BUY - TP Rs.500 - Kotak
Result Update: Marico Ltd - ACCUMULATE - TP Rs.327 - Kotak
Result Update: Mahanagar Gas Ltd - ACCUMULATE - TP Rs.1084 - Kotak
Result Update: Wonderla Holidays Ltd - BUY - TP Rs.457 - Kotak
Result Update: Asian Granito India Ltd - BUY - TP Rs.705 - Kotak
Result Update: NALCO - BUY - TP Rs.100 - Kotak
Result Update: VA Tech Wabag Ltd - BUY - TP Rs.672 - Kotak
Result Update: Greaves Cotton Ltd - REDUCE - TP Rs.136 - Kotak
PNB's 11300 cr fraud will impact the asset quality: Angel Broking
Lambodhara Textiles Ltd Q3 net profit climbs to Rs. 3.46 crores
Result Update: GHCL Ltd - BUY - TP Rs.365 - Kotak
CHHOTA (to) Mota Ideas - Result Update: Eveready Industries India Ltd - BUY - TP Rs.530 - Kotak
Result Update: Tata Motors - BUY - TP Rs.477 - Kotak
Result Update: Bajaj Auto Ltd - BUY - TP Rs.3670 - Kotak
Views on Indoco Remedies Ltd 3QFY2018: Angel Broking

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018