Covid-19 Recovery Pulse - Auto Retail Picking Up Pace: ICICI Direct

A person stands in the window of a car company's showroom in the Ambattur district in Chennai, India. (Photographer: Dhiraj Singh/Bloomberg).

Covid-19 Recovery Pulse - Auto Retail Picking Up Pace: ICICI Direct

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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.

ICICI Direct Report

Daily Vahan registrations in August continued to pick up pace during the past week as domestic retail activity approaches normalcy.

They are now averaging ~63,000 units on month-to-date basis (down 11% month-on-month), 79% of pre-Covid-19 levels versus 77% in the previous week.

We expect the momentum to pick up pace, going forward, supported by regional festivals in the near term.

E-Way bill generation for August 2021 continued on a strong note, reaching 3.1 crore (till August 15).

If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~115% of the average 5.5 crore bills.

Goods and services tax collections made a strong comeback in July and came in at Rs 1.16 lakh crore.

Click on the attachment to read the full report:

ICICI Direct Covid Recovery Pulse.pdf

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