02 December 2010

Research Views with Emkay; 2 December, 2010

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n        Research Views
Auto – November 2010 volume update
Maruti Suzuki India Ltd (MSIL)
n    Domestic sales grew by 34.2% YoY to 102,503 units
n    Export volumes declined by 12.2% YoY to 10,051 units.
n    Total sales increased by 28.2% YoY to 112,554 units
Hero Honda (HH)
n    Total sales increased by 10.5% YoY to 421,366 units
Mahindra & Mahindra (M&M)
n    Total sales increased by 26.3% YoY to 43,107units
n    Total automotive sales increase by 16.6%  YoY to 25,114 units
n    Passenger UV sales increased 6.3% YoY to 11,447 units
n    4-Wheelers Pick Ups (Incl Gio and Maximmo) sales increased by 41.3% YoY to 7,699 units
n    3-Wheelers sales increased 8.5% YoY to 4,468 units
n    Total tractors sales increased by 42.9%  YoY to 17,993 units
Tata Motors Ltd (TML)
n    Total sales increased by 0.9% YoY to 54,622 units
n    M&HCVs sales increased by 17.6% YoY to 14,703 units
n    LCVs sales increased by 20.6% YoY to 20,376 units
n    Total  passenger vehicles sales declined by by 25.9% YoY to 15,340 units (including 509 units of Nano)
n    Total domestic sales increased by .6% YoY to 50.419 units
n    Export sales increased by  5.2% YoY to 4,203 units
TVS Motors Ltd. (TVS)
n    Total sales increased by 28.8% YoY to 157,041 units
n    Motorcycle sales  increased by 39.7% YoY 62,995 units
n    Scooters/ Mopeds sales increased by 20.0%% YoY to 90,887 units
n    Three wheelers sales grew by 186.9% YoY to 3,159 units
n    Export sales increased by 2.4% YoY to 14,341 units.
Oil import grows by 12.3% mom; trade deficit widens marginally to $9.7bn
n    The trade deficit for the month of October inched up marginally to $9.7bn driven by an increase in oil import growth by 12.3% mom.
n    Export growth marginally dropped by 0.3% mom while import growth saw an increase of 2%mom, resulting in the widening of the trade deficit by 6.7% mom.
n    The rise in import growth is mainly due to an increase in oil imports by 12.3% mom, caused mostly from a rise in crude oil prices to ~$81.72 per barrel and the appreciation of the rupee for the month of October.
n    The trade deficit YTD has widened to $72.8 bn. from $62.8 bn last month and $58.3 bn for the month of October last year.

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