Auto Monthly - Decent performance :: IndiaNivesh, links

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Highlights of the month
 Auto companies showed decent performance in the month of November 2014;
2W, 3W and cars recorded growth. However LCV continue to show poor
performance while recovery was seen in M&HCV sales.
 In Passenger car segment, Tata Motors and Maruti Suzuki performed and
recorded double digit growth.
 In two wheelers segment, TVS witnessed strong growth in volume while Hero
Motocorp showed muted growth in volume. Though Bajaj Auto is still
struggling to increase volume in domestic market due to slowdown in premium
segment bike, sound growth (up 24% YoY) was witnessed in export sales.
 3W sales continue to perform well on the back of issuance of new permits for
auto-rickshaws in many states.
 In the commercial vehicle segment LCV sales continued to show weakness
while M&HCV sales showed some sign of recovery led by better freight
movement in agri, consumer durables and autos, housing construction
material (in tier I-II cities).
 As festival season has ended, we do not expect any surprise volume growth
from companies in near term. Further, the recent rally in the auto sector in
festive season has led to most companies trading at above or near their fair
valuations, based on one-year forward multiples. Considering these, we keep
neutral stance on the sector


LINK
http://www.indianivesh.in/Admin/Upload/635533673341576250_Nivesh%20Auto%20Monthly%20-%20November%202014.pdf