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Auto stocks on a high as India’s Motown tops 3 million sales in 2017

auto stocks on a high as indias motown tops 3 million sales in 2017 - Auto stocks on a high as India’s Motown tops 3 million sales in 2017
In this Friday, Oct. 6, 2017, picture, a line of 2018 Accents, Elantras and Sonatas sit down at a Hyundai dealership in the south Denver suburb of Littleton, Colo. On Friday, Dec. 1, 2017, automakers document U.S. sales of latest cars in November.Photo/David Zalubowski)

Despite the demonetisation hangover and GST rollout, automotive and SUV sales in calendar 2017 grew on the quickest tempo since 2013 and surpassed the 3 million mark for the primary time.

Sales of passenger automobile grew nine.2 in line with cent to just about 3.2 million from 2.nine million gadgets in 2016. These are preliminary estimates and the overall figures might be even upper, TOI reported.

Auto stocks controlled to outpace the benchmark fairness index in 2017. The BSE Auto index soared 32 in line with cent, whilst the Sensex received 28 in line with cent all over the yr long past through.

Country’s largest carmaker Maruti Suzuki’s inventory soared 82.81 in line with cent to Rs nine,731 as of December 29 from Rs five,323 on December 30, 2016.

On Monday, the carmaker reported a 10.3 in line with cent bounce in December sales at 130,066 gadgets when put next with 117,908 gadgets bought in the similar month of 2016.

Global brokerage Morgan Stanley not too long ago raised its goal worth for Maruti to Rs 10,563 from Rs nine,102 previous. It expects the inventory to hit Rs 14,400 in a bull case state of affairs. Shares of the corporate had been buying and selling zero.14 in line with cent down at Rs nine,652 in early business on January 2, 2018.

Motilal Oswal additionally has a ‘buy’ ranking on Maruti Suzuki and M&M with worth goals of Rs nine,918 and Rs 749, respectively.

Other auto majors together with M&M received 27 in line with cent in final 12 months, while the ones of Tata Motors slipped nine in line with cent in 2017.

M&M on Monday reported a eight in line with cent upward thrust in overall sales, together with exports, for December. M&M’s overall sales larger to 39,200 gadgets from 36,464 gadgets bought in December 2016.

Hindustan Motors jumped 40 in line with cent to Rs nine.64 from Rs 6.91 all over the similar duration. Favourable monsoon supported call for enlargement in 2017.

“We prefer four-wheelers to 2-wheelers and commercial vehicles due to stronger volume growth and a stable competitive environment. Our top picks in autos are Maruti Suzuki, Bajaj Auto and Tata Motors,” brokerage Motilal Oswal stated in a document.

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