Automobiles Q1 Results Preview - Two-Wheeler To Drive Growth While PVs Ride Pillion: HDFC Securities

HDFC Securities Institutional Equities

The auto sector has outperformed the Nifty Index in Q4, led largely by a sharp rally in some two-wheeler and passenger vehicle stocks.

We continue to like Maruti Suzuki India Ltd., and Mahindra and Mahindra Ltd. as we expect both of them to continue to outperform the utility vehicle segment, which would in turn help improve their performance. Within two-wheelers, we continue to like TVS Motor India Ltd.

We have rolled over the valuation to the year-ended Jun-26. We downgrade TVS and Samvardhana Motherson to Add from Buy, owing to the sharp run-up in the share prices and rich valuations.

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