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Informist, Friday, Nov. 8, 2024

MUMBAI – Shares of most auto companies are expected to trade in a narrow range next week and take cues from Jul-Sept earnings announcements, according to analysts. So far, automobile companies and auto component makers have announced mixed performance for the Jul-Sept quarter. Same has been the case with October wholesale volumes.

This week, the Nifty Auto sectoral index closed flat at 23805.20 points. Of the 15 constituents in the index, 10 declined over last week. Ashok Leyland and Mahindra & Mahindra were among the top gainers, after both companies reported strong profit growth for Jul-Sept. Hero MotoCorp and Exide Industries were among the top losers. Compared to the auto index, the benchmark Nifty 50 and Sensex declined by 0.6% and 0.3%, respectively.

Next week, Tata Motors is expected to be in focus. The company announced its Jul-Sept results after market hours Friday, reporting a fall in its core revenues for the first time in 10 quarters. The company's consolidated net revenue from operations fell 3.7% from a year ago to nearly INR 1.01 trillion. It also reported a fall of over 11% in consolidated net profit to INR 33.43 billion. 

Companies such as Eicher Motors, Hero MotoCorp, and Samvardhana Motherson International will also be in focus next week as they are scheduled to announce their September quarter numbers. The three companies are expected to report strong year-on-year growth in their earnings for the quarter.

TOP HEADLINES
* Earnings Review: Tata Motor sales down for 1st time in 10 qtrs in Jul-Sept

* Earnings Review: Ashok Leyland profit up 37% YoY on lower expenditure
* Three brokerages retain 'buy' on M&M; Emkay cuts rating to 'reduce'
* M&M expects to post better auto sales growth than industry in FY25
* Analyst Concall: Escorts sees mid-single-digit tractor industry growth FY25
* Analyst Concall: Festive spirit lightens M&M's auto inventory to 30 days
* Earnings Review: Escorts Kubota Jul-Sept PAT up 53% on yr, beats Street view
* M&M raises FY25 tractor industry sales growth forecast to 6.0-6.8% from 5.0%
* Earnings Review: M&M Jul-Sept reading pips estimates on robust auto sales
* Light motor vehicle licensee can drive sub-7,500 kg transport vehicle - SC
* FADA says Oct auto retail sales up on strong demand during Navratri, Diwali
* Hero MotoCorp unveils 4 new two-wheelers, plans to enter UK, Europe in 2025
* Eicher launches two new motorcycles at EICMA 2024 motor show in Italy
* Analyst Concall: Tube Investments expects exports to lift Oct-Mar earnings
* Eicher Motors' Royal Enfield launches new electric vehicle brand Flying Flea
* Earnings Outlook: Industrial, defence businesses to power Bharat Forge show
* Suzuki to make e Vitara in Gujarat next yr, to sell in India, Europe, Japan
* Earnings Review: Tube Invest Jul-Sept consol PAT down 22% on higher expenses
* Hero MotoCorp festive season retail sales 1.6 mln units, up 13% on year
* Maruti Suzuki India's production marginally up at 177,312 units in Oct
* M&M to launch 2 flagship electric sport utility vehicles XEV 9e, BE 6e
* Ashok Leyland's total vehicle sales fall 10% on yr to 15,310 units in Oct
* Bajaj Auto's total vehicle sales up 2% on year at 479,707 units in Oct
* PRESS: Balaji to head split businesses post Tata Motors' demerger
* Honda Cars India's domestic sales fall 41% on year to 5,546 units in Oct
* Hero Motocorp Oct total sales volume up 18% on year at 679,091 units
* TVS Motor posts highest-ever monthly sales in Oct, total sales up 13% on yr
* Tata Motors total sales flat YoY at 82,682 units in Oct; exports down 13% YoY
* High Creta sales drive Hyundai sales in Oct; SUV sales highest ever
* Escorts Kubota tractor sales up 20% on year in festival laden Oct
* SUV sales, exports help Maruti Suzuki post highest-ever monthly sales in Oct
* Eicher Motors Oct CV sales down 5% on year; domestic CV sales down almost 7%
* M&M posts highest-ever automobile, tractor sales in Oct; SUV sales up 25% YoY
* Eicher Motors Oct motorcycle sales highest since Apr '23, Apr-Oct up only 4%

Following are the resistance and support levels for automobile stocks for next week as per calculations based on their prices on the National Stock Exchange:

End

Reported by Darshan Nakhwa 

Edited by Rajeev Pai

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