JUNE AUTO SALES
Oil prices steady as declining US inventories offset slowing China demand
Oil prices steady; Brent at $83.69, WTI at $80.72. China's demand vs. U.S. stockpile drawdown. U.S. crude fell 4.4 million barrels (API), steady retail data, and geopolitical risks limiting declines. Yemen's Houthis attacked a Liberia-flagged tanker (JMIC). Analysts projected stocks to drop by 33,000 barrels. U.S. retail data, stronger dollar, solid economy. China's slowest growth since Q1 2023.
Ola Electric IPO pricing likely at about 25% lower than private valuation of $5.4 billion: sources
Ola Electric IPO valuation is likely at $4 billion, down 25% from $5.4 billion in last funding round The IPO seeks Rs 5,500 crore through a fresh issue and 95.2 million shares offer-for-sale. Initially targeting $6-7 billion, the valuation was adjusted to entice investors for post-issue profit.
HOla Street! EV IPO set to ride in at lower price tag
Ola Electric, led by Bhavish Aggarwal, plans a $4 billion IPO, down from a $5.4 billion valuation with Temasek, aiming to raise ₹5,500 crore. The company has cut costs and laid off staff, affecting market share. Competing with FirstCry and Swiggy, its draft prospectus includes a 95.2M share OFS. Ather offers competition. Vahan data shows market revival.
Dollar rises on retail sales boost
The dollar strengthened due to steady retail sales and unchanged import prices. The Dollar Index gained 0.07%. Sterling and the euro weakened ahead of the ECB meeting, anticipating Christine Lagarde's comments. Bitcoin rose 1.58%. Trevisani cited resilient ex-auto sales. The Canadian dollar strengthened. Powell noted inflation trends. Markets price in a September Federal Reserve rate cut.
Dollar climbs after solid retail sales data
The dollar strengthened on Tuesday, after a reading of retail sales proved to be firmer than expected, but was not strong enough to alter expectations for the path of interest rates from the Federal Reserve.
US retail sales flat in June as consumption cools
U.S. retail sales dipped less than forecasted 0.3 percent in June, led by auto (2.3 percent) and gas (3.0 percent) drops, totaling $704.3 billion. The Federal Reserve may cut rates in September as the economy cools. Core sales rose 0.8 percent. Economist Rubeela Farooqi sees non-recessionary conditions. Analysts forecast further consumption slowdown and note cooling inflation.
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Bajaj Auto Q1 Results: Cons PAT jumps 18% YoY to Rs 1,942 crore, revenue rises 16%
Consolidated revenue from operations for the quarter stood at Rs 11,932 crore, reflecting a 16% rise compared to Rs 10,312 crore in the corresponding quarter of the previous financial year. Sequentially, the profit after tax (PAT) for the reported quarter was down 3.4% against Rs 2,011 crore reported in the January-March quarter.
Q1 results today: Bajaj Auto, L&T Finance among 24 companies to announce earnings on Tuesday
24 firms, including Bajaj Auto, L&T Finance, Just Dial, DB Corp, and BMW Industries, will announce Q1 results. Bajaj Auto anticipates a robust Q1 with 7% volume increase, expanded EBITDA margins, and 17% profit growth. Century Textiles, Deccan Bearings, Jubilant Ingrevia, Network18 Media also to be monitored. Bajaj's 14% sales growth echoes March quarter success.
Stocks in news: Bajaj Auto, SpiceJet, Jio Financial, HUL, Vedanta, ZEE
Domestic markets saw positive trends with various companies like Bajaj Auto, SpiceJet, and Jio Financial making news. Vedanta launches QIP issue, while HDFC AMC reports profit jump. Updates on Angel One, Vodafone Idea, Unichem Labs, and more. Stay informed on the latest developments in the financial sector.
Bajaj Auto Q1 Preview: PAT may grow 19% YoY; EBITDA margins to expand up to 100 bps
Bajaj Auto is expected to show strong growth in Q1 with a 17% YoY increase in net profit and 14% YoY jump in net sales. Analysts predict EBITDA margins to expand by 90-100 bps due to a richer product mix.
Automobile retail sales up 9 pc in April-June: FADA
Automobile retail sales increased by 9% year-on-year in the June quarter of FY25, reaching 61,91,225 units, up from 56,59,060 units in the same quarter of FY24, according to the Federation of Automobile Dealers Associations (FADA). Passenger vehicle sales grew by 2.53% to 9,20,047 units. Despite strong bookings, high competition, excess supply, and discounting posed challenges. Extreme heat led to an 18% drop in showroom walk-ins in May. Two-wheeler sales rose by 12.56% to 45,54,255 units, while three-wheeler sales increased by 11.36%. Commercial vehicle sales saw a marginal rise, but tractor sales declined by 12.44%.
Motown, slowtown: Luxury car sales slow in line with broader slowdown in Indian auto market
Carmakers attributed the sluggish performance to a broader slowdown in the Indian car market, besides intense heat waves this summer, and an extended general election. Some experts also cited a shift in spending by the wealthy to experiences such as bespoke holiday itineraries.
Domestic PV wholesales up 3% at 3.4 lakh units in June: SIAM
Passenger vehicle wholesales in India increased by 3% to 3,37,757 units in June 2024, according to SIAM. Two-wheeler wholesales rose 21% to 16,14,154 units, while three-wheeler wholesales saw a 12% increase to 59,544 units compared to June 2023.
Heat wave, elections to create unlikely earnings winners and losers
India's scorching summer impacts Avenue Supermarts Ltd. and Bajaj Auto Ltd. DMart sells more ice cream, while Bajaj Auto defers purchases and introduces a new CNG-powered motorcycle, with its slowest profit expansion in April-June quarter. Nirmala Sitharaman may boost consumption. Infosys, Wipro, TCS benefit from AI demand and partnerships.
Footfalls at auto dealers fall in June, so do RTO registrations
Vehicle registrations rose 0.73% to 1,895,552 units, with two-wheelers up 4.7%, three-wheelers 5.1%, passenger vehicles down 6.8%, and commercial vehicles falling 4.7%. Heatwaves, deferred purchases, and kharif crop delays impacted sales. Rural market share for two-wheelers fell to 58.6%. Dealers expect increased sales with improved supply and product launches despite high inventory and election slowdowns.
Auto sales muted as extreme heatwave cools demand in July
Vehicle registrations in June were nearly flat, up just 0.73% from the previous year, with 1,895,552 units registered. Extreme heatwaves and delayed monsoons dampened retail sales, notably impacting two-wheelers and passenger vehicles. Despite optimistic forecasts for the monsoon season, the auto industry faces challenges, including high inventory levels and subdued market sentiment.
India's auto retail sales register 0.73% annual growth in June on the back of prolonged heatwave
India's auto retail sales saw a 0.73 per cent annual growth in June, largely due to delayed monsoons in certain regions. The two-wheeler and three-wheeler segments saw positive YoY growth of 4.66 per cent and 5.1%, respectively. However, passenger vehicles, tractors, and commercial vehicles sales declined 6.7%, 28.3%, and 4.7%, respectively.
What's draining the juice out of electric two-wheeler makers' battery
Sales of e2Ws plummet due to policy inconsistencies, supply chain issues with Chinese suppliers, and expectations for FAME III rollout, impacting top manufacturers like Hero Electric, Okinawa, and Ampere.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Kia India sales surge 10 pc to 21,300 units in June
Kia India reported a 10% year-on-year increase in June wholesales, reaching 21,300 units. For the first half of 2024, sales grew by 6% to 126,137 units. Senior VP Hardeep Singh Brar credited strong product offerings and noted plans to maintain this growth through further network expansion.
Indian carmakers post SUV-led June sales growth amid heat waves
Carmakers Mahindra & Mahindra, Toyota Motor Corp's Indian unit, and Kia Motor reported increased car sales in June. This rise was driven by demand for sports utility vehicles (SUVs), despite heat waves affecting purchase decisions.
Mahindra sales rise 11 pc to 69,397 units in June
Mahindra & Mahindra reported an 11 percent increase in wholesales year on year for June, totaling 69,397 units. The company's total dispatches to dealers reached 62,429 units in June 2023.
Bajaj Auto sales rise 5 pc to 3.58 lakh units in June
Bajaj Auto reported a 5% year-on-year growth in total vehicle wholesales, including exports, with 3,58,477 units sold in June. The company had sold 3,40,981 two-wheelers and commercial vehicles in June 2023, according to a statement. Domestic sales, including commercial vehicles, saw an 8% increase to 2,16,451 units last month, compared to 1,99,983 units in the same month last year.
Nifty bulls await directional move, auto stocks in focus
Auto stocks were in focus amid the release of June month sales numbers. Shares of Samvardhana Motherson, Hero Moto, Bharat Forge, Maruti Suzuki, and Bajaj Auto rallied over 1% each. Within the Nifty50 pack, JSW Steel, and Bharti Airtel rallied over 1%, while NTPC, Power Grid, and Apollo Hospitals fell up to 2%.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Auto stocks: Time for some cool down and also an opportunity? 6 auto stocks with upside potential of upto 28%
It is the sector which has led the rally which the market has witnessed in the last 14 months and rightly so. If one looks at the history, the rallies which are led by the transportation and auto sector are more durable as sales of LCV and certain other auto segments is an indication of the economic situation on the ground. But there is another fact, which is that with a mad rush for stocks a number of them have seen sharp run with valuations moving upward sharply. There is no doubt that the Indian auto sector is going through a transformation and Indian companies are adjusting to it very well. So there is a situation, while the fundamentals are good and improving, valuations have seen a run up. So, there is a likelihood that we might see some cooling off, but that would bring an opportunity for investors who have missed the bus.
As buyers diss cars, auto companies count on offers
Passenger car sales surged 8% to a record 4.22 mn units in FY24 but have moderated since amid the heat wave, a long election season and a high base. Going by current vehicle registration trends on the government's Vahan portal, June growth is expected to be either flat or negative. ET reported June 17 that inventory levels at dealerships across the country were at 55-60 days against the norm of 30 days seen at this time of the year.
Car dealers feel the load as sales slow, inventory piles up
Passenger vehicle makers seek a 90-day credit cycle extension from auto financiers due to pressure in retail and sales channels amid slowing sales.
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