Nifty Auto index rises post Budget FY23 and monthly sales data; Ashok Leyland, TVS Motor, Bajaj Auto drive the performance

2 Feb 2022 , 10:45 AM

Auto stocks were in the fast lane on Wednesday led by broad-based buying as the index is in focus due to their monthly sales data of January 2022. The Index was trading higher with heavyweights rebounded from previous free fall session post Union Budget announcements.

Besides, streets cheered the figures of GDP growth for Q2 and Eight Core Industries performance in January this year. However, worries of global chip shortage continues to play a spoilsport for the sector. In the Budget 2022 speech, the FM did not announce any specific direct announcements for the auto sector. Although, Minister Nirmala Sitharaman proposed to enhance the electric vehicle ecosystem in the country.

At around 10:45 AM, the Nifty Auto was trading at 10,727.20 up 111.10 points or 0.96%. The index has touched an intraday high and low of 11,765.05 and 11,660.65 respectively. At present, 14 scrips have advanced, while only 1 scrip has declined.

Stocks like Eicher Motors and Tube Investments led the winning streak by surging over 2.6% and 2.3% respectively. Ashok Leyland, TVS Motor, Bajaj Auto stocks also rebounded from previous session and trades higher above 1% each. Further, MRF, Amara Raja Batteries, Bharat Forge led the bull run while Tata Motors, Maruti stocks is in focus amid monthly sales data.

Exide Industries, M&M soared around 1% each followed by Bosch and Hero MotoCorp trading higher with marginal gains. However, Bal Krishna is trading in the red by 1.68% being the only loser on the index.

Here’s a consolidated list of major Auto Sales January 2022 figures that have been reported:

Bajaj Auto: The Company reported a 15% yoy decline in total sales to 3,63,443 units against 4,25,199 units in the same month last year.

Maruti Suzuki: It has reported 4% yoy fall in total wholesales at 1,54,379 units in January. The company had sold 1,60,752 units in January 2021.

TVS Motor Company: The Company delivered a 13.14% yoy decline in total sales to 2,66,788 units in January against 3,07,149 units in the same month last year.

Mahindra & Mahindra: The company’s its total sales increased by 19.55% yoy to 46,804 units in January 2022 while its total sales stood at 39,149 units in January 2021.

Tata Motors: The Company’s January 2022 sales grows 27% yoy to 76,210 units as compared to 59,866 units during January 2021.