Auto stocks drive on SIAM data

Major auto stock were buzzing as SIAM released sales data for the six months ending September. Domestic automobile sector registered 7.97 per cent growth in the production of vehicles from April-September period.

The Society of Indian Automobile Manufacturers (SIAM) released the sales data for April-September period on Friday. According to the data, sales of Passenger Vehicles fell by 5.61 per cent in September 2018 as against September 2017. Sales of Passengers Cars showed a dip of 5.57 per cent in September 2018 as compared to the corresponding period last year. Sales of Utility Vehicles also fell by 8.29 per cent in September 2018 as against September 2017.

On the other hand, sales of Commercial Vehicles grew by 24.14 per cent in September 2018 as against the same period a year ago. Sales of Two-wheelers grew by 4.12 per cent in the same period.

In terms of exports, total exports of Two and Three-wheeler segments were up by 18.08 per cent and 39.11 per cent, respectively, for April-September 2018 period. Exports of Commercial Vehicles grew by 13.21 per cent and that of passengers vehicles dropped by 0.40 per cent in September 2018 as against the same period in 2017.

Reacting to this report, the Nifty Auto index was buzzing during the day and closed up by nearly 4 per cent. Among them, Maruti was up by 6.22 per cent and close at Rs. 7,303.00 per share, while that of Eicher Motor closed up by 5.56 per cent, at Rs. 23,601.30 per share. These stocks were also among the top gainer on Nifty50 on Friday. Commerical vehicle manufacturer M&M and Ashok Leyland were also up by 5.25 and 3.98 per cent, respectively, while two-wheelers makers TVS Motors and Bajaj-Auto were up by 4.09 and 3.80 per cent, respectively.

Tyre maker Apollo Tyre and auto accessories company Motherson Sumi were also buzzing during the day and closed up by 5.39 per cent and 4.38 per cent, respectively at Rs. 217.10 per share and

Rs. 238.55 per share on Friday.