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Nirmal Bang Report
Data tracking certain high-frequency indicators for the auto sector for November 2021 indicate that 19 of the 29 indicators were in the positive/neutral territory, an increase from 18 out of 31 indicators in October 2021.
Both, wholesale as well as retail volume remained in the negative zone (except commercial vehicles) despite festive and marriage season in Nov-21.
Industry retails declined by ~2.7% YoY in Nov-21 (down by 20% over Nov- 2019) due to muted demand for entry-level two-wheelers and persistent supply chain related issues for passenger vehicles.
Our channel checks suggest that dealers expect demand for two-wheelers to pick up on account of the marriage season even as current enquiry levels continue to remain tepid.
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