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Auto Stock Gains Despite Weak Auto Sales Numbers

Bajaj Auto Reports 18pc Sales Growth

Many Auto companies released their sales figures for the month of March today with mixed results.

Auto Stock Gains Despite Weak Auto Sales Numbers

Nifty Auto index ascended nearly 0.91% with a major contribution from Tata Motors. A significant contribution in the index rise was made by Tata Motors, as it surged nearly 7% on the expectation of healthier JLR numbers in fourth quarter.

Of the Nifty Auto stocks, Maruti Suzuki, Mahindra and Mahindra and Ashok Leyland are the top three companies, their figures are as under:

Maruti Suzuki posted a decline of 1.6% in sales numbers. It has recorded under-growth of 1.5% in sales of Domestic Passenger Vehicles. Moreover, exports sales have also declined by 12.9% on year on year basis. Maruti Suzuki stock today closed at Rs6840 up 2.51% at Rs6840 per share.

Mahindra & Mahindra: M&M, posted muted sales numbers. The company reported that it has sold 62,952 vehicles during March 2019, showing marginal year on year growth of 1%. M&M stock today closed at Rs661.90 per share down 1.78%

Ashok Leyland: The Company posted muted numbers for the month. It reported that the total number of vehicles sold in March 2019 was 21,535, showing 4% fall year-on-year. Domestic sales fell by 5% with sales of 20,521 vehicles in March 2019. Shares of Ashok Leyland today ended at Rs90.50 per share down 0.88% on NSE.

The Sensex closed at 38,871.87 up 198pts, while, the NSE Nifty50 rose 45pts to 11,669.