Market move● Neutral for Indian equities
Auto sales surge in September, but GST base clouds the picture. Can stocks rebound ahead of Q2 results?
The brief
- Passenger- and commercial-vehicle sales were strong in September
- Tractor and domestic two-wheeler demand was weak
- Mixed demand may shape Q2 expectations for Indian automakers and two-wheeler makers
- Weak monsoon weighs on rural demand; September tractor sales fall at M&M and Escorts Kubota
- Two tractor stocks: Escorts Kubota shares fall 6%; VST Tillers shares rally 5% after September sales
- Mahindra tractor sales fall 21% in September, but trucks and buses sales rise 53%
- Switch Mobility wins Delhi order for 840 electric buses under PM E-Drive
- Trump admin to roll out lower fuel economy standards for cars, light trucks