Auto Stocks Gain On Solid Sales Growth In August

New Delhi: Auto stocks, Maruti, Mahindra & Mahindra and Tata Motors, on Friday rose by up to 2 per cent as car sales growth in India moved to top gear last month.

Shares of Maruti Suzuki rose by 1.98 per cent, Mahindra & Mahindra gained 1.17 per cent and Tata Motors was up 1.13 on BSE.

Hero MotoCorp jumped 0.89 per cent, Bajaj Auto was up 0.11 per cent and TVS Motor Company rose by 1.33 per cent.

The BSE auto index rose 1.01 per cent to end at 22,309.57.

Car sales growth in India moved to top gear last month, with market leader Maruti clocking over 12 per cent growth and Hyundai, Mahindra, Toyota, Renault and Nissan posting strong numbers on good monsoon and onset of festive season.

Maruti Suzuki India (MSI) said its domestic sales last month rose 12.3 per cent to 1,19,931 units, from 1,06,781 units in August 2015.

Home-grown utility vehicle major Mahindra & Mahindra (M&M) reported 15 per cent increase in sales at 36,944 units last month compared with 32,122 in August 2015.

In two-wheeler segment, the country’s largest brand Hero MotoCorp reported 28 per cent increase in sales at 6,16,424 units in August. It had sold 4,80,537 in August 2015.

Tata Motors yesterday reported a 6 per cent increase in total sales at 43,061 units in August.