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Hero MotoCorp & Ashok Leyland: What Rajesh Palviya of Axis Securities says on these 2 auto stocks

Hero MotoCorp & Ashok Leyland: What Rajesh Palviya of Axis Securities says on these 2 auto stocks

"We believe the automobile space can continue furthermore upside from hereon and the ongoing rally can extend," Rajesh Palviya told Business Today TV.

Prashun Talukdar
Prashun Talukdar
  • Updated May 9, 2024 11:16 AM IST
Hero MotoCorp & Ashok Leyland: What Rajesh Palviya of Axis Securities says on these 2 auto stocksHero MotoCorp shares were last seen trading 3.73 per cent higher at Rs 4,796.65.

Rajesh Palviya, Head Technical Research at Axis Securities, on Thursday said most of the automobile stocks are showing good traction. "We believe this space can continue furthermore upside from hereon and the ongoing rally can extend," Palviya told Business Today TV.

On the stock-specific front, the market expert selected Hero MotoCorp Ltd as one of his top picks from the auto space. "The stock has potential to see Rs 4,900 level in the near term. Keep stop loss at Rs 4,760," Palviya stated. The scrip was last seen trading 3.73 per cent higher at Rs 4,796.65.

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The motorcycle maker's standalone profit rose 18.3 per cent year-on-year (YoY) to Rs 1,016 crore in the quarter ended March 31, 2024. Hero MotoCorp said its revenue from operations for the quarter under review stood at Rs 9,519 crore, reflecting a YoY growth of 15 per cent.

The other stock which Palviya suggested from the select space was Ashok Leyland Ltd. Possible near-term targets for the counter will be Rs 210-215 levels, the market analyst said. The commercial vehicle maker is scheduled to announce its fourth-quarter results on May 24. Ashok Leyland's stock was down 0.48 per cent at Rs 197.50.

Palviya also liked Mahindra & Mahindra Ltd and TVS Motor Company Ltd from the automobile segment.

Meanwhile, Indian equity benchmarks were trading sharply lower today, dragged by financials, metals, FMCG, pharma and energy stocks. Broader markets (mid- and small-cap shares) felt the pain as well.

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15 out of the 16 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Financial Service, Nifty Metal, Nifty FMCG, Nifty Pharma and Nifty Oil & Gas were underperforming the NSE platform by falling as much as 1.04 per cent, 1.23 per cent, 1.17 per cent, 0.99 per cent and 1.74 per cent, respectively. However, Nifty Auto saw a sharp uptick.

On the stock-specific front, L&T was the top loser in the Nifty pack as the stock cracked 4.91 per cent to trade at Rs 3,315.6. Divi's Labs, Coal India, Tata Consumer Products and ONGC fell up to 2.53 per cent.

In contrast, Hero MotoCorp, M&M, Tata Motors, Bajaj Auto and HCL Tech were among the top gainers.

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The overall market breadth was weak as 2,336 shares were declining while 1,130 were advancing on BSE.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: May 9, 2024 11:07 AM IST
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