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Reliance Securities Report
Indian automobile companies witnessed gradual improvement in sales performance sequentially, despite continued weakness in economy. Sector was earlier impacted by higher fuel prices, sharp increase in vehicle prices and lower business sentiment, while recent initiative by government to cut down fuel taxes improves consumer sentiment and their buying behavior.
It improved sequentially with better rural sentiment, healthy crops and improved realisation.
Urban has already recovered to greater extent in Q4 FY22 and continued positive momentum in Q1 FY23, boosting urban products like sports utility vehicles.
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