Maruti Suzuki, Tata Motors, Hero MotoCorp, Eicher Motors, M&M, Ashok Leyland, and other auto stocks staged mixed moves on Dalal Street on Monday, mirroring a mixed bag of sales numbers in June 2023
While Maruti Suzuki and Hero MotoCorp shares traded around half a per cent lower each in early deals, Tata Motors, Eicher Motors, TVS Motor, and Mahindra & Mahindra, Ashok Leyland registered gains to the tune of 1-3%
The Nifty Auto index, whose 15 components include Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Hero MotoCorp, TVS, Ashok Leyland, Eicher Motors, and MRF, gained as much as 0.8% to a 52-week high of 15,272.5 in early deals. However, it later fell and was trading marginally in the red
Maruti Suzuki India sold 1.5 lakh units in June, a near 2% rise from the 1.56 lakh units in the year-ago period. Total sales for the Escorts Kubota were also down 2% to 9,850 units from the 10,051 units sold in June last year
Tata Motors sold 2,26,245 vehicles in the domestic and overseas markets during the first quarter of FY 2023–24, down from 2,31,248 units during the same period last year
Hero MotoCorp sold 436,993 units in June 2023. Domestic sales declined to 4,22,757 units in June 2023 from 4,63,210 units in June 2022. Exports also dipped to 14,236 units last month from 21,657 units in June 2022
Eicher's Royal Enfield announced sales at 77,109 units in June 2023, growing 26% over 61,407 units sold in the corresponding month last year as domestic sales grew by 34% to 67,495 units, but exports fell 14% to 9,614 units. Its VECV sales grew by 6.5% YoY to 6,715 units in June 2023
Motilal Oswal has a buy call on Maruti Suzuki stock with a target price of Rs 11,000 per share. The brokerage is also bullish on Tata Motors shares and values the stock at Rs 670 apiece
Motilal Oswal has a 'Neutral' rating on Eicher Motors and Escorts Kubota stock with a target price of Rs 3,700 and Rs 2,000 per share. It has a 'buy' rating on Hero MotoCorp stock with a target price of Rs 3,475 per share
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