Auto shares extend fall on disappointing March sales
The BSE auto index, the largest loser among sectoral indices, is down 1.4% compared to 0.37% decline in benchmark Sensex.
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Bajaj Auto, Tata Motors, Mahindra and Mahindra and Hero MotoCorp are down 1-3% on the Bombay Stock Exchange (BSE). The BSE auto index, the largest loser among sectoral indices, is down 1.4% or 141 points compared to 0.37% decline in benchmark Sensex at 1331 hours.
Among the individual stocks, Bajaj Auto is the largest losers, down over 3% to Rs 1,700, extending its previous day’s fall on reporting 10% year-on-year fall in total volumes to 301,231 units in March 2013.
The stock of the country’s second largest two-wheeler maker has fallen 5% in past two trading sessions after the management indicated that overall demand scenario remains weak and expect growth to be flattish over next few months.
“March four-wheeler volumes remained muted despite higher discounts/ deals offered by manufacturers amidst a weak macro. Two-wheeler volumes too failed to show signs of improvement with competition further intensifying,” says analyst at Religare Institutional Research.
Meanwhile, analyst at Motilal Oswal Securities has downgraded volume growth and earnings estimates across companies given the current weak demand environment, and expected a gradual economic recovery across segments.
ALOK KUMAR
PGDM-IISEM
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