ICICI Securities: Auto Wholesale Domestic Sales Reach Historic Highs Ahead Of Festive Season
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ICICI Securities Report
October 2020 dispatches are a sign of continued festive growth expectations of original equipment manufacturers as second phase of festive season kicks-off in November 2020; however, rising discounts do not correlate with demand strength narrative.
We believe channel inventory clearance remains key dealer task (our estimate more than six weeks) in November 2020, thus, any slack in retail demand could disrupt wholesale dispatches of OEM’s in December 2020/January 2021.
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