Most Indian automobile makers rallied after reporting March sales figures on Saturday. Car makers like Tata Motors and M&M posted tepid sales growth because of an apex court ruling than banned sale of non-BS-IV compliant vehicle.
Take a look at how the companies fared in the market this morning.
Maruti Suzuki
The car maker rose 1.3 percent to Rs 6,095 after its sales rose 8.1 percent during the month, edged on by its utility vehicles and compact segments. Maruti sold 1,39,763 units in March, with 91.6 percent of it being sold in the country itself.
Maruti also clocked record yearly sales for the financial year 2016-17, the company said in a statement to the exchanges.
Also Read: Maruti Suzuki Sold More Vehicles In FY17 Than Ever Before
Mahindra & Mahindra
The largest sports utility vehicle-maker rose 1.4 percent to Rs 1,305 on Monday morning. The company's overall sales rose a tepid 6 percent in March due to a number of “external factors”, it said in a statement to the exchanges. The growth was led by its commercial vehicles segment.
Sale of commercial vehicles rose 31 percent to 22,908 units in March while the medium and heavy commercial vehicles segment grew 67 percent in the same period.
The automotive industry continues to face several “external challenges”, the latest being the ban on sale of BS-III vehicles has “derailed many planned operations”, M&M's Automotive Sector President Rajan Wadhera said in the stock exchange filing.
Also Read: Supreme Court Bans Sale Of BS-III Vehicles From April 1
Bajaj Auto
The two-wheeler maker fell 1 percent to Rs 2,778 after its sales dropped for the fourth time in five months even as exports improved.
Total sales for the month of March dropped 11 percent to 2,72,197 vehicles compared to 3,05,080 vehicles in March 2016, the company said in an exchange filing.
The automaker struggled in the domestic market, with sales declining 17 percent to 1,69,279 units while exports remained positive for the second straight month.
Tata Motors
The company rose 1.2 percent to Rs 471 after its sales grew 8 percent to 57,145 units in the month of March, led by a series of new releases such as Hexa, Tigor and Tiago AMT.
While retail sales increased, Tata's wholesale figures were affected by the Supreme Court's hearing, banning the sale and registeration of non BS-IV compliant vehicles.
“The wholesale figures of Tata Motors commercial vehicles were affected by the Supreme Court judgement announced on March 29, leading to confusion and the consequent focus at the dealer level to increase retail and to reduce the levels of unsold stock,” the company said in a statement.
Also Read: Passenger Car Segment Drives Tata Motors Sales Up 3% In January-March
With inputs from PTI
Eicher Motors
The Royal Enfield brand owner rose 1.2 percent to Rs 25,899 after the sale of motorcycles rose 17 percent to 60,113 units led by models up to 350cc engine capacity.
The relatively low-powered engine bikes registered a 28 percent growth in sales.
Sale of bikes with engine capacity exceeding 350cc, however, dropped by a significant 71 percent to 1,667 vehicles, according to the company's notification to the exchanges. Export of Royal Enfields also rose by 24 percent.
Eicher motor's commercial vehicle segment also registered an 8.5 percent growth on a year-on-year basis, selling 7,327 vehicles.
SML Isuzu
Shares of the tractor making company jumped 5.3 percent to Rs 1,357 after it registered a robust 27 percent growth in sales for the month of March. Formed in the year 2010, the company managed to sell 2,094 vehicles during the month, according to its notification to the exchanges.
SML Isuzu's quarterly growth for January to March 2017 stood at 27 percent.
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