ICICI Securities: November Auto Wholesale Dispatches Rise Amid Modest Retail Trends
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ICICI Securities Report
Softening of November 2020 dispatches appears to be a sign of lower than expected festive sales (October, November 2020 combined) as the second phase of festive season (Diwali period) was below original equipment manufacturer expectations.
Rising incentive schemes across segments post festive season, lack of price increase even in wake of higher input costs correlate with the fragility of the consumer sentiment.
We believe channel inventory clearance remains key priority for December 2020; thus, expect incentives to increase further by end of Q3.
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