Nifty Auto outperforms as firms line-up to announce Q2 result; Bharat Forge, Ashok Leyland, Maruti shines

Major automakers are also set to announce their Q2 result in the last week of this month.

Oct 23, 2020 01:10 IST India Infoline News Service

Investors were bullish in auto stocks after Bajaj Auto announced its financial performance for quarter ended September 2020 (Q2FY21) period. Major automakers are also set to announce their Q2 result in the last week of this month.

At around 1.33 PM, Nifty Auto was trading at 8,046.25 above 182.10 points or 2.32%.

Bharat Forge led the gainers' list by trading at Rs487.15 per piece up 5%, followed by Ashok Leyland at Rs82.80 per piece above 4%. Maruti Suzuki (Rs7,018 per piece), Motherson Sumi (Rs109.15 per piece) and Tata Motors (Rs137.30 per piece) also surged by 3% each.

Major stocks like M&M, Hero MotorCorp, MRF, Bajaj Auto, Balkrishna Industries and Eicher Motors also advanced over between 1-2%.

Bosch, Amara Raja Batteries, Exide Industries and TVS Motor gained by 1% each.

Next week, Tata Motors is set to announce its Q2 result on October 27, followed by Hero Motocorp on October 28, Maruti and TVS Motor on October 29, 2020.

In Q2FY21, Bajaj Auto registered a net profit of Rs1,138cr compared to Rs1,402cr a year ago same period, witnessing a decline of 19%. Revenue from operations stood at Rs7,156cr in the quarter under review, declining by 7% from Rs7,707cr in the similar quarter of the previous year. Overall, Bajaj Auto's total sales were at 1,053,337 units in Q2FY21, which dropped by 10% against 1,173,591 units sold in Q2FY20.

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