Auto stocks gain on robust sales numbers for Nov

Mumbai, Dec 2 (SocialNews.XYZ) Shares of automobile companies surged on Wednesday on the back robust sales recorded in November.

Healthy festive demand aided the sales growth last month.

Tata Motors' stocks surged over 4 per cent to touch an intra-day high of Rs 187.30 per share.

The company on Tuesday reported a 20.73 per cent rise in its total sales for November on a year-on-year basis at 49,650 units.

Around 11 a.m., its shares on the BSE were trading at Rs 185.25, higher by Rs 5.55 or 3.09 per cent from its previous close.

Shares of Maruti Suzuki India were trading at Rs 7,192.85, higher by Rs 93.75 or 1.32 per cent from its previous close.

It has reported a growth of 1.7 per cent in its overall sales during November 2020 on a year-on-year basis. The company sold 1,53,223 units of vehicles last month, against 1,50,630 units sold in November 2019.

Shares of two-wheeler major Hero MotoCorp, which logged a 14.4 per cent growth in sales for November, rose 1.17 per cent to Rs 3,148.15 per share.

Bajaj Auto witnessed a 2.21 per cent rise in its share price at Rs 3,316.30. On Tuesday, the company reported a 5 per cent growth in total sales during November on a year-on-year basis.

According to the company, total sales during the month under review grew to 4,22,240 units from 4,03,223 units sold during the corresponding month of 2019.

Mahindra & Mahindra's shares on the BSE were trading at Rs 739.65, higher by Rs 4.85 or 0.66 per cent from its previous close.

Its sales rose 3.6 per cent to 42,731 units in November, on a year-on-year basis.

Source: IANS