BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Two-wheeler (excluding Bajaj Auto Ltd.) wholesales were above our low expectations, whereas the same for passenger vehicles/commercial vehicles/three-wheeler were in line.
Tractor volumes were weak as original equipment manufacturers focus on correcting inventory. The recovery in PV wholesale dispatches continued in December 2021 due to easing of semiconductor shortages.
Two-wheeler dispatches improved sequentially, while commercial vehicle demand has sustained. Among two-wheelers, Hero MotoCorp Ltd./Royal Enfield was above our estimate, while TVS Motor Company Ltd. was in line. Two-wheeler (excluding Bajaj Auto)/tractor volumes declined by ~9%/24% YoY, whereas passenger vehicle/three-wheeler volumes grew 6%/8% YoY. Commercial vehicle volumes (excluding Ashok Leyland Ltd.) were flat YoY.
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