AUTO INDUSTRY VOLUME UPDATE - November 2014 -Kotak Sec, link

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AUTO INDUSTRY VOLUME UPDATE - NOVEMBER 2014
November 2014 sales volume performance was mixed. Certain segments
continue to do well, while others continue to stay under pressure. In the
passenger vehicle segment, MSIL witnessed growth but M&M witnessed
steep decline in UV sales. Similarly within the CV industry, players like Tata
Motors and Ashok Leyland reported strong growth in MHCV sales, but in
the LCV segment, these companies reported decline. Amongst players,
Maruti Suzuki and TVS Motor reported healthy YoY growth in wholesale
dispatches. Tata Motors too reported marginal growth - after 24 consecutive
month of YoY decline in volumes. M&M reported weak numbers in auto as
well as tractor segment. We expect Maruti Suzuki, Ashok Leyland and TVS
Motor to continue reporting strong growth. Tata Motors is expected to
witness steady improvement in volume growth performance. M&M's
volume growth performance is expected to remain weak in FY15. Our top
picks are Maruti Suzuki (Rating - BUY, TP - 3644) and, Tata Motors (Rating -
BUY, TP - 595)::

LINK
http://www.kotaksecurities.com/pdf/dmb/MorningInsight02122014uj.pdf