Indian Automotive Industry Back to Growth?

Domestic credit ratings agency ICRA in its latest report has said the domestic automotive industry is expected to grow at high single-digit levels across segments in FY24. It stated, category-wise, passenger and commercial vehicle volumes could see a growth of 6-9 per cent and 7-10 per cent, respectively, the two-wheeler and tractors are estimated to grow at 6-9 per cent and 4-6 per cent, respectively, in the financial year starting April 2023.
According to the report, the demand sentiments for a majority of the automotive segments such as passenger vehicles, commercial vehicles and tractors have remained healthy, aiding in the improved off-take for the industry participants.
Two noteworthy announcement from auto companies are:
Tata motors
Nexon EV MAX XZ+ Lux has been repriced at Rs 18.49 lakh. It’s an EV variant.
Maruti Suzuki India
In calendar year 2022, Maruti Suzuki registered an export of over 2.6 lakh vehicles, its highest ever exports in a calendar year.

You may decide what to do with the above information.

Coming back to markets, it consolidated after posting a strong up-move. Interestingly, Asian markets ended mostly higher on Thursday. In my view market may post gains and let’s check it out today