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ICICI Securities Report
June 26 wholesale volumes remained robust, and broadly ahead of ICICI Securities' estimate. GST cut-fuelled demand momentum, coupled with a favourable base, continues to underpin the auto sector's growth.
Within two-wheelers, scooters and premium motorcycles drove overall segment growth. Passenger vehicle wholesales expanded in double digits, led by strong traction across domestic PCs/utility vehicles, and low channel inventory. In Commercial vehicles, growth was broad-based across medium and heavy commercial vehicles and light commercial vehicles (ahead of the brokerage's estimates).
The tractor segment's growth trajectory remained robust ahead of ICICI Securities estimates.
Demand sustainability amid the recent vehicle, fuel price hike(s), along with the potential impact of below-average monsoon (especially on tractor segment), remains a monitorable.
Hero MotoCorp, Maruti Suzuki and Bajaj Auto are ICICI Securities preferred OEM picks.
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