Monthly Auto Volumes - January 2021 - ICICI Direct

In January 2021, auto OEM volumes remained healthy, with a sequential improvement across segments for most players allaying concerns of a drop off after festive period. Continued recovery in the truck space further strengthens our belief that the cyclical bottom for the industry has been surpassed. Exports performance was observed to be strong for all coverage companies with a couple of exceptions.

Tractors continued to outperform rest of the automotive pack handsomely, Strong crop procurement activity by the government along with healthy sowing and adequate water table levels are seen to be supportive of persistent growth over the medium term. For January, M&M posted 50.4% YoY growth to 34,778 units while Escorts followed closely behind with 48.8% YoY growth to 9,021 units.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Monthly_AutoVolumes_Feb21.pdf

Source : Equity Bulls

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