Shares of auto companies led by Mahindra & Mahindra Ltd., Eicher Motors Ltd. and Tata Motors Ltd. jumped during the Diwali Muhurat trading on Friday, following release of October sales data.
All companies part of the Nifty Auto index advanced, leading to a 1.5% intraday jump or a rise of 355 points to 23,870. The benchmark Nifty 50 was up 0.7%.
Sales in October received a boost due to the festive season and many automakers reported record monthly sales.
Mahindra & Mahindra clocked its highest ever monthly SUV sales in October 2024 as the company continued to make more to keep up with the demand. Sales of India's largest SUV maker by revenue rose 25% year-on-year to 54,504 units as against 43,708 units in the year-ago period, according to a media statement on Friday. Including exports, that figure stood at 55,571.
The M&M share price rose 3.35% to Rs 2,820 apiece on the NSE.
Eicher Motors share price rose nearly 2% to Rs 4,990 apiece after Royal Enfield sales advanced 31% at 1.11 lakh units in October, marking the highest figures in the brand's history. Exports rose 150% at 8,688 units.
Tata Motors stock also posted gain of 1.7% to Rs 848 apiece despite sales being flat in the month gone by. Sales in the domestic and international market for October 2024 stood at 82,682 vehicles, compared to 82,954 units in the same period last year.
Both personal and commercial segment sales were flat, while electric vehicle sales dipped 2% to 5,355 units.
Maruti Suzuki India Ltd, TVS Motor Co. and Hyundai Motor India Ltd shares also rose more than 1%.
The October-November period typically sees strong sales growth for automakers as Indians open up their purse strings during the festive season. The October numbers will also provide a relief from inventory worries clouding outlook for auto companies after months of underwhelming sales and demand concerns.
The Diwali Muhurat Trading session was scheduled from 6:00 p.m. to 7:00 p.m. on November 1, 2024.
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