Maruti Suzuki India, Tata Motors and Mahindra and Mahindra surprised the street positively, while Bajaj Auto disappointed heavily in the October sales figures.

Nomura expected passenger vehicles industry to register a growth of 8 per cent year-on-year in October with key participant Maruti recording 12 per cent rise in volumes benefiting from new launches.

It expected two-wheeler volumes to grow 7 per cent year-on-year driven by higher growth in the scooter segment and M&M's tractor volumes to decline 27 per cent year-on-year.

While Maruti's overall volumes have jumped 29 per cent year-on-year in October, Tata Motors's passenger cars (excluding utility vehicles), medium and heavy commercial vehicles and exports have risen by 15 per cent, 20 per cent and 13 per cent, respectively.

Bajaj Auto has disappointed immensely with 9 per cent decline in volumes led by 19 per cent drop in exports-its key growth driver forming close to 40 per cent of overall volumes. M&M has surprised with lesser decline in tractor volumes at 12 per cent.

Analysts continue to like the four-wheeler space due to expectations of a stronger recovery driven by improved sentiment and new launches. Among the four-wheelers, Maruti remains the best pick. Outlook on two-wheelers remain subdued due to weak rural sentiments.

comment COMMENT NOW