BAJAJ-AUTO

** Shares of Bajaj Auto BAJA.NS rise as much as 3% to 9,783.50 rupees, highest since Nov. 2024

** Emkay Research upgrades BAJA to 'Buy' from 'Add', increases PT to 11,100 rupees, implying an upside of ~17%

** Co's supported by strong export trends and a refreshed Pulsar launch in CY26, driving an estimated 14% EPS CAGR over FY26-28

** Export momentum remains robust in Latam and Asia, aided by currency depreciation, with exports forming ~44% of volumes in FY26YTD vs 39% in FY25YTD

** Domestically, market saw recovery with a slight uptick led by gains in premium motorcycles and e-scooters during Q3FY26

** Analysts have "hold" rating on avg; median PT is 9,537.50 rupees - data compiled by LSEG

** In 2025 BAJA up 6.2%

(Reporting by Urvi Dugar in Bengaluru)

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Nov 14 (Reuters) - INDIA AUTO INDUSTRY BODY SIAM:

• INDIA'S OCT TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,60,739 UNITS

• INDIA'S OCT 3-WHEELER SALES 81,288 UNITS

Further company coverage: ASOK.NS

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Oct 27 (Reuters) - Indian automakers are likely to see double-digit profit growth in the September quarter, according to brokerages, driven mostly by demand for two-wheelers and tractors, with improvement in the passenger vehicle segment set to reflect in December.

Auto companies' sales volumes and profitability have taken a hit, with firms posting single-digit profit growth in the previous five quarters, due to consumption slowdown, a global chip shortage and uncertainties surrounding U.S. tariff policies.

However, tax and interest rate cuts are seen boosting demand further, with the recovery expected to fully show in the December quarter, according to Hitesh Thakurani and Shubhangi Kejriwal of HDFC Securities.

The government's September tax relief on goods from soaps to small cars helped lift retail sales in the final weeks of the month.

IN THE FAST LANE

Indian automakers are expected to post 10–17% revenue growth and about 15% profit growth year-on-year in the September quarter, led by gains in two-wheelers and tractors, according to HDFC Securities.

Top two-wheeler makers Bajaj Auto BAJA.NS and TVS Motor TVSM.NS are set to benefit from stronger exports, favourable forex rates and a 12% fall in shipping costs, the brokerage said. TVS will report results on Tuesday and Bajaj Auto on November 7.

Tractor sales have also aided the recovery, supported by a normal monsoon, lower borrowing costs and tax cuts, according to Motilal Oswal.

Analysts at Nomura, Kapil Singh and Siddhartha Bera, said tractor volumes were likely to beat expectations.

SHORT-LIVED GLOOM

Growth in the passenger vehicles segment is expected to remain soft, according to Nomura, due to supply shortages, with sales set to dip 1.5% year-on-year in the quarter.

Market leader Maruti Suzuki MRTI.NS is likely to face short-term margin pressure from higher launch costs and customer discounts, but exports, led by its E-Vitara line, are emerging as a key growth engine, according to brokerages.

Tata Motors TAMO.NS is expected to lag due to cyberattack-led production shutdowns at Jaguar Land Rover but several brokerages said growth is set to pick up due to tax cuts, festive demand and exports.

Maruti will report results on Friday, followed by Mahindra & Mahindra MAHM.NS on November 4. Tata Motors is yet to announce a date.

(Reporting by Meenakshi Maidas and Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)

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Corrects market share to about 0.5% from about 5% in paragraph 4 after company clarification

By Meenakshi Maidas and Yagnoseni Das

Sept 30 (Reuters) - Simple Energy, an Indian electric two-wheeler manufacturer that plans to go public next year, is aiming for a 19-fold jump in retail presence by 2029 as it accelerates expansion in northern India to compete with industry giants, a top executive said.

Bengaluru-headquartered Simple Energy, founded in 2019, opened its first showroom last year and now operates 53 outlets across the country.

In the next three to four years, Simple will be in a hyper-growth phase, essentially to break into the top three, Founder and CEO Suhas Rajkumar told Reuters.

The company currently holds about a 0.5% share of India's EV two-wheeler market, competing with established players such as TVS Motor TVSM.NS, Bajaj Auto BAJA.NS, Ola Electric OLAE.NS, and Ather Energy ATHR.NS.

Scooters make up roughly one-third of India's two-wheeler market and dominate the EV segment, accounting for the majority of the sales.

Simple Energy said in mid-September that it has developed an in-house motor free of heavy rare-earth elements, a move aimed at insulating itself from supply chain disruptions following China's export curbs, which rattled the global auto industry and left manufacturers scrambling for alternative technologies.

Local peer Ola also ramped up its programme to make their own rare-earths-free motors in April in response to global supply constraints, and plans to roll them out in the December quarter.

Simple Energy will keep the motor tech exclusive for now, but may open it to other players within a year if supply chain pressures persist, Rajkumar said.

The company plans to launch an IPO in the second or third quarter of fiscal 2027, aiming to raise $350 million, largely through a fresh issue. The proceeds will be earmarked for retail expansion, research and development, and marketing.

A small portion of the IPO will be an offer for sale, although specific details remain undisclosed. So far, the company has raised $51 million from marquee investors to fuel its growth.

Simple, which sells the 'Simple One' and 'Simple OneS', has sold 5,027 vehicles, as of September 29, according to government data, after facing early delivery hiccups.

(Reporting by Meenakshi Maidas and Yagnoseni Das in Bengaluru; Editing by Sherry Jacob-Phillips)

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Sept 22 (Reuters) - Bajaj Auto Ltd BAJA.NS:

• EXTENDS GST BENEFITS ON MOTORCYCLES UNDER 350CC

• ALSO ADDING AN ADDITIONAL 50% FINANCING BENEFITS

• PULSAR NS125 ABS BUYERS TO SAVE 12,206 RUPEES, PULSAR N160 USD BUYERS TO GET 15,759 RUPEES BENEFITS

Source text: ID:nBSE21bnjd

Further company coverage: BAJA.NS

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** Shares of Bajaj Auto BAJA.NS rise 2.3% to 8,835.5 rupees

** The two-wheeler maker's August 2025 total sales rise 5% Y/Y to 417,616 units

** BAJA stock is biggest pct gainer in blue-chip Nifty 50 .NSEI index and among top gainers of auto stocks .NIFTYAUTO

** Stock rated "hold" on avg; median PT is 9079 rupees - data compiled by LSEG

** Stock up 0.5%, YTD

(Reporting by Aleef Jahan in Bengaluru)

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Aug 22 (Reuters) - Indian automaker Bajaj Auto's BAJA.NS supply of rare earth magnets has improved, its managing director Rajiv Bajaj told CNBC-TV18 on Friday.

"We started receiving clearance for our shipments of light rare earth magnets about three-to-four weeks back," Bajaj told the news broadcaster.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman)

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Adds comments from Maruti Suzuki chairman in paragraphs 7,8,9

By Nikunj Ohri, Aftab Ahmed and Aditi Shah

NEW DELHI, Aug 18 (Reuters) - India aims to slash taxes on small cars and insurance premiums as part of a sweeping reform of its goods and services tax (GST), a government source said on Monday, sparking a rally in Indian stock markets.

Prime Minister Narendra Modi's administration revealed plans over the weekend for the largest tax overhaul since 2017, with consumer, auto and insurance companies likely to emerge as the biggest winners when product prices drop from October, once the reform is approved.

The federal government has suggested lowering GST on small petrol and diesel cars to 18% from the current 28%, said the source who is directly involved in the matter.

The consumption tax on health and life insurance premiums may also be lowered to 5% or even zero from 18% currently, the same source said.

Shares of Maruti Suzuki MRTI.NS, the biggest seller of small petrol cars in India, surged nearly 9% on Monday, leading a rally in auto shares that helped push India's benchmark Nifty index 1.3% higher, on course for its best day in three months.

Shares of other carmakers such as Mahindra & Mahindra MAHM.NS, as well as motorbike manufacturers like Hero MotoCorp HROM.NS and Bajaj Auto BAJA.NS, which will also benefit from tax cuts, jumped 2%-4% on Monday.

Stocks of insurance companies such as ICICI Prudential ICIR.NS, SBI Life SBIL.NS, and LIC LIFI.NS rose as much as 2%-5% before pairing some gains.

Modi's deep tax cuts will strain government revenues but have drawn praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington.

Maruti Chairman R.C. Bhargava said the tax rationalisation is a "huge reform".

"With more affordability, more people will come into the purchasing system," said Bhargava, who declined to comment on proposed tax cuts on small cars until the fine print is out.

"This restructuring of the GST will increase competitiveness of Indian products and the opening of trade borders will bring in the necessary competition. Competition, combined with your ability to produce and sell at lower prices, makes for the best efficiency," he added.

Federal government officials over the weekend said New Delhi has proposed only two rates of taxation -- 5% and 18% -- under the revamped structure. The highest 28% rate will be abolished.

The new proposal, however, will impose a 40% tax on 5-7 "sin-goods" like tobacco products and luxury items.

The announcement will not be effective until the GST Council, which is chaired by the federal finance minister and has representatives from all states, gives a nod. A meeting is expected by October.

India's finance ministry did not reply to an email seeking comment.

PUSH FOR SMALL CARS

Sales of small cars, defined as those having engine capacity below 1200cc for petrol vehicles and 1500cc for diesel and not exceeding 4 metres in length, have slowed over the last few years as buyers switched to bigger, feature-rich SUVs.

Small cars made up a third of the 4.3 million passenger vehicles sold in the world's third-largest automobile market last fiscal year, down from nearly 50% pre-COVID, industry data showed.

The segment makes up half of all cars sold by Maruti, majority-owned by Japan's Suzuki Motor 7269.T, which saw its market share plunge to about 40% from over 50% in the last five years as sales of its Alto, Dzire and Wagon-R models dropped.

Carmakers Hyundai Motor India HYUN.NS and Tata Motors TAMO.NS also stand to gain.

Cars with higher engine capacity that currently attract 28% GST and an additional levy of up to 22% - resulting in total taxes of about 50% - may come under a new special rate of 40%, the source said.

The government source added that details are being firmed up to consider if any extra levies should be imposed over the 40% to keep the overall tax incidence for big cars the same at 43%-50%.

On the other hand insurance penetration in India continues to remain low, at 3.8% of GDP, in 2024, according to research firm Swiss Re Institute. The companies believe lowering of GST will help boost sales of insurance products.

(Reporting by Nikunj Ohri; Editing by Aditya Kalra, Raju Gopalakrishnan and Susan Fenton)

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Aug 14 (Reuters) - Bajaj Auto Ltd BAJA.NS:

• BAJAJ AUTO - GETS FAVOURABLE TAX DEMAND ORDER OF 23.2 MILLION RUPEES

Source text: ID:nBSEH9pq2

Further company coverage: BAJA.NS

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Aug 7 (Reuters) - India's upcoming festive season is expected to lift near-term sentiment among auto dealers, but U.S. tariffs could dent consumer confidence, prompting higher household savings and weighing on discretionary spending, including vehicles, the Federation of Automobile Dealers Association (FADA) said on Thursday.

Vehicle dealers expect major festivals, including Rakhi, Janmashtami, Independence Day and Ganesh Chaturthi, along with targeted promotional schemes and healthy stock levels to drive sales.

However, the anticipated wealth erosion from fresh tariffs by the U.S. could erode consumer confidence, trigger a precautionary rise in household savings and exert pressure on discretionary spending, including on vehicles, FADA said.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)

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** Bajaj Auto's BAJA.NS shares trade flat at 8,236 rupees ahead of Q1 results

** Analysts, on average, expect Pulsar maker's profit to rise just 1.9% to 20.42 billion rupees, revenue up 4.6%

** BAJA's overall Q1 sales grew 1%; 16% export jump cushions 8% drop in larger domestic business

** At least two analysts see co's EBITDA margin dropping below 20% for first time in 7 quarters

** Avg rating from 36 analysts covering the stock is "buy", same as larger peer TVS Motor TVSM.NS; peer Hero MotoCorp HROM.NS at "hold"; BAJA median PT at 9,458 rupees - data compiled by LSEG

** Stock down 6.4% YTD, only major Indian two-wheeler maker in the red; Nifty Auto .NIFTYAUTO up 3.8%

(Reporting by Nandan Mandayam in Bengaluru)

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July 31 (Reuters) - Indian automaker TVS Motor Company TVSM.NS reported a better-than-expected first-quarter profit on Thursday, lifted by strong domestic demand for its two-wheelers and steady growth in overseas shipments.

The "Jupiter" scooter maker's profit jumped 34.9% to 7.79 billion rupees ($88.92 million) in the quarter ending June 30, beating analysts' estimate of 7.63 billion rupees, per data compiled by LSEG.

Two-wheeler retail registrations in India rose 5% in the quarter on upbeat demand, an industry body said earlier in July.

Overall, two-wheeler sales at TVS Motor rose 17% to about 1.2 million units in the June quarter, fuelled by a rising share of premium models, such as the Apache series, which account for roughly 25% of total revenues.

Analysts attribute this to a "richer product mix," where high-margin offerings like high‑cc bikes and scooters have gained traction over entry-level models.

This shift helped push core earnings higher, with operating EBITDA margin expanding to 12.5% in the first quarter, up from 11.5% a year earlier, driven by strong growth in scooter and bike sales.

Electric vehicle sales surged 35%, while exports, which make up nearly a fourth of the company's overall revenue, grew 39% in the reported quarter.

Revenue from operations rose 20.4% to 100.81 billion rupees, above analysts' estimate of 99.36 billion rupees.

Total expenses climbed 18.8%, driven by a 16.9% increase in cost of materials consumed.

Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS are yet to report results for the quarter.

Separately, the company said it will raise funds worth up to 5 billion rupees by issuing non-convertible debentures on a private placement basis.

($1 = 87.6060 Indian rupees)

(Reporting by Meenakshi Maidas and Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee and Janane Venkatraman)

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July 7 (Reuters) - Geopolitical tensions and U.S. tariff-related spill-over effects could temper consumer sentiment, while rare earth curbs may further limit car supply and retail volumes, India's Federation of Automobile Dealers Association (FADA) said on Monday.

However, above-normal monsoons should bolster rural demand in the near-term, FADA said.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Sumana Nandy)

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July 1 (Reuters) - Bajaj Auto Limited BAJA.NS:

• BAJAJ AUTO LIMITED - REPORTS TOTAL SALES OF 360,806 UNITS FOR JUNE 2025

Source text: ID:nBSExd9p0

Further company coverage: BAJA.NS

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June 5 (Reuters) - Automakers and their suppliers are facing shortages due to restrictions on Chinese exports of rare earths, minerals and magnets, an issue that has forced some to shut down production of certain models.

Rare earth magnets are used in motors that run electric vehicles and other car parts such as windows and audio speakers.

These companies have paused production or warned shortages were affecting their supply chains:

PRODUCTION SUSPENDED

** Ford F.N shut down production of its Explorer SUV at its Chicago plant for a week in May because of the rare earths shortage.

** Suzuki Motor 7269.T suspended production of its flagship Swift subcompact from May 26, citing a shortage of components. It expects a partial restart on June 13, with full resumption after June 16.

Two people familiar with the matter said the suspension was due to China's restrictions. Suzuki declined to comment on the reason.

** Several European auto supplier plants and production lines have been shut down because of a rare earth shortage, Europe's auto supplier association CLEPA said on June 4.

SUPPLY CHAIN CONCERNS

** Indian automaker Bajaj Auto BAJA.NS warned that any further delays in securing the supply of rare earth magnets from China could "seriously impact" EV production by July.

** Auto parts maker Bosch said bottlenecks in the supply of rare earths were affecting its suppliers, who had to furnish a lot of detailed information to get export licences.

** BMW BMWG.DE said a part of its supplier network was affected by the shortage, but that its own plants were running as normal.

** Maruti Suzuki MRTI.NS India's top-selling carmaker, said there was no immediate impact, and that it was in talks with the government on the matter.

** German auto supplier ZF said it sees the effect of a rare earths shortage on some of its suppliers, although it does not procure the raw materials itself.

(Compiled by Anna Chaberska and Amir Orusov in Gdansk, editing by Milla Nissi-Prussak and Jan Harvey)

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June 4 (Reuters) - Bajaj Auto Limited BAJA.NS:

• BAJAJ AUTO LIMITED - BAIH ISSUES NOTICE OF CALL EXERCISE FOR 26,000 SHARES OF PBAG

• BAJAJ AUTO LIMITED - BAIH TO HOLD 75.9% STAKE IN PBAG AFTER ACQUISITION

Source text: ID:nBSE2V5dJW

Further company coverage: BAJA.NS

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May 30 (Reuters) - ** India's Bajaj Auto BAJA.NS beat market estimates for fourth-quarter profit on Thursday, as higher motorcycle exports and foreign exchange gains made up for a slump in domestic demand

** Avg rating on stock a "buy;" median PT is 9,475 rupees - data compiled by LSEG

KTM ACQUISITION 'IMPERATIVE'

** UBS ("sell," PT: 8,000 rupees) says revival in KTM's exports will drive "robust" exports for Bajaj Auto

** Bernstein ("outperform," PT: 11,000 rupees) says acquisition of KTM will be a key catalyst for co, with its exports expected to resume from Q2

** Investec ("buy," PT: 9,480 rupees) says KTM's strong tech and R&D, as well as its distribution footprint make it an "imperative" acquisition for the company

** Goldman Sachs ("buy," PT: 9,600 rupees) says Bajaj Auto's focus on "faster growing" 125cc segment has continued to drive volume growth; forecasts 14% volume growth for FY26

(Reporting by Kashish Tandon in Bengaluru)

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May 20 (Reuters) - Bajaj Auto Limited BAJA.NS:

• GETS TAX PENALTY OF 5 MILLION RUPEES

Source text: ID:nBSEccNYYR

Further company coverage: BAJA.NS

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May 19 (Reuters) - Bajaj Auto Limited BAJA.NS:

• IN NEGOTIATIONS FOR KTM AG RESTRUCTURING

Source text: ID:nBSE1ZJjxK

Further company coverage: BAJA.NS

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April 28 (Reuters) - Indian automaker TVS Motor Company TVSM.NS reported a better-than-expected fourth-quarter profit on Monday, led by steady demand for its two-wheelers and continued growth in exports.

Profit rose 75.5% to 8.52 billion rupees ($100.2 million) in the quarter ending March 31, beating analysts' estimate of 7.47 billion rupees, per data compiled by LSEG.

Total two-wheeler sales of TVS grew 14% year-over-year in the third quarter, with motorcycles making up 47.8% of those sales.

Sales in India rose in the quarter, supported by new model launches and festival sales during Navratri, Gudi Padwa and Eid, the Federation of Automobile Dealers Association said in early April.

Exports, which make up nearly a fourth of the company's overall revenue, according to its latest annual report grew 31% in the reported quarter.

The company's earnings before interest, taxes, depreciation and amortization margin rose to 12.5% from 11.3% last year, helped by sale of more profitable vehicles, analysts noted.

Revenue from operations increased 16.9% to 95.5 billion rupees in the quarter, edging past analysts' estimates of 94.04 billion rupees for the company that also makes 'iQube' series of electric vehicles.

The 'Jupiter' scooter maker's total expenses grew 13.2%, led by a 13.8% growth in cost of materials consumed.

Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS are yet to report quarterly results.

Shares of TVS Motor rose as much as 4.1% after reporting results, before closing up at 2%.

($1 = 85.0300 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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By Aditi Shah

NEW DELHI, April 24 (Reuters) - India's capital New Delhi plans to limit gasoline and diesel-powered cars a family can buy as well as ban sales of fuel-guzzling motorbikes and scooters, according to a draft policy aimed at cleaning up one of the world's most polluted cities.

The measures represent one of the most drastic steps the city has lined up to tackle pollution, which often forces local authorities to ban some construction, shut schools and disrupt flights in the city of more than 30 million people during the winter season.

Under Delhi's new electric vehicle policy, the city government will also waive some local taxes on the purchase of hybrids, putting them on par with concessions given to EVs, while imposing a new levy of 0.5 rupees ($0.0059) on every litre of petrol sales, according to the 74-page draft seen by Reuters.

The primary objective "is to unlock the next phase of EV adoption, reduce air pollution and contribute to India's energy independence and net-zero targets," the draft stated.

Every year ahead of the onset of winter in Delhi, calm winds and low temperatures trap pollutants from sources including vehicles, industries and crop residue burning in nearby fields, raising the level of harmful toxins in the air.

Delhi launched the first phase of its EV policy in 2020 which helped boost the share of electric models to 12% of all new vehicle sales, including motorbikes and cars, in 2024.

Under the second phase, the policy document says, no new sales of gasoline, diesel and gas-based two-wheelers will be allowed from April 1, 2027. It is also providing a cash incentive of up to $350 on the purchase of electric bikes and scooters.

Officials at Delhi's transport ministry and the chief minister's office did not immediately respond to an email seeking comment.

LIFELINE FOR RESIDENTS

Two-wheelers are a lifeline for millions of Delhi residents, and the move could significantly impact Delhi's lower- and middle-income groups who depend on them, and not cars, to navigate the city's often congested roads.

In 2024, nearly 450,000 new two-wheeler scooters and motorbikes were sold in Delhi. There were 8 million vehicles on Delhi's roads in 2022-23, of which 67% were two-wheelers, according to central government figures.

A ban on the sale of fossil fuel two-wheelers from 2027 will hurt manufacturers such as Bajaj Motors BAJA.NS, TVS TVSM.NS and Hero MotoCorp HROM.NS, although some of the negative impact may be offset by increased sales of their electric two-wheelers.

And in a move aimed at the more affluent population, the policy is also set to limit the number of fossil fuel cars each household can purchase to two, as it aims for a 30% EV penetration by 2030, from around 2.7% last year.

"All private car owners in Delhi will be required to purchase only electric cars if they intend to own (a) third or subsequent car registered to the same residential address," the document stated.

The policy, which is expected to cost the Delhi government 28.6 billion rupees, is subject to change based on feedback from car makers and other stakeholders. It was not immediately clear when the policy will be finalised or how it will be funded.

The city government is also planning some tax waivers for hybrid vehicles to match the concessions to those given for EVs, potentially lowering their cost by up to 15%.

The move is in line with a similar move made by neighbouring state Uttar Pradesh. They are considered a win for the likes of Toyota Motor 7203.T and Maruti Suzuki MRTI.NS, but a setback for homegrown Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS who focus on EVs.

($1 = 85.3350 Indian rupees)

(Reporting by Aditi Shah; Editing by Muralikumar Anantharaman)

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April 22 - ** Two-wheeler makers Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS down 1.5% and 2.2%, respectively; TVS Motor TVSM.NS up 0.3%

** Jefferies cuts BAJA to 'hold' from 'buy' and HROM to 'underperform' from 'buy'; keeps 'buy' on TVS

** Says TVS's TVSM.NS market share is at 18-year high, Hero's at 20-year low and Bajaj has stagnated from 2019-2025

** Says demand has softened from post-pandemic spike, with checks suggesting high inventories and weak inquiries

** Cuts PT for Bajaj and Hero, implying downsides of 7.5% and ~16%, respectively

** Analysts on avg rate TVS and Bajaj the equivalent of 'buy', and Hero 'hold', per LSEG data

** Hero's shares have fallen 7.6% in last 12 months, while Bajaj has dropped ~11%; TVS, on the other hand, has surged 41%

(Reporting by Ananta Agarwal in Bengaluru)

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April 3 (Reuters) - Bajaj Auto Limited BAJA.NS:

• BAJAJ AUTO LIMITED - BAIH BV SUBSCRIBES TO EURO 50 MILLION CONVERTIBLE BONDS ISSUED BY PBAG

Source text: ID:nNSE17WrQl

Further company coverage: BAJA.NS

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Bajaj Auto Limited BAJA.NS:

• BAJAJ AUTO - APPROVED RE-APPOINTMENT OF RAJIVNAYAN RAHULKUMAR BAJAJ AS MD & CHIEF EXECUTIVE OFFICER

Source text: ID:nNSE5vKjk4

Further company coverage: BAJA.NS

March 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FEB 2-WHEELER SALES 13,84,605 UNITS - INDUSTRY BODY

• INDIA'S FEB 3-WHEELER SALES 57,788 UNITS - INDUSTRY BODY

• INDIA'S FEB TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,77,689 UNITS - INDUSTRY BODY

• INDIA AUTO INDUSTRY BODY: UPCOMING FESTIVITIES OF HOLI, UGADI IN MARCH LIKELY TO CONTINUE TO DRIVE DEMAND

Further company coverage: ASOK.NS

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March 3 (Reuters) - Bajaj Auto Limited BAJA.NS:

• BAJAJ AUTO - FEB TOTAL SALES 352,071 UNITS

Source text: [ID:]

Further company coverage: BAJA.NS

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Feb 11 (Reuters) - Shares of Eicher Motors EICH.NS dropped nearly 7% on Tuesday as the Royal Enfield motorcycle maker's heavy spending on new launches hurt profit margins, with analysts expecting the company's focus on growth to keep the pressure on profitability.

The stock was set for its biggest one-day decline since July 2023 and was the biggest drag on auto stocks .NIFTYAUTO. At least six of the 34 brokerages covering the company lowered their rating on the stock, according to LSEG data.

Eicher's core profit margins missed analysts' expectations on Monday due to higher sales of lower-margin motorcycles such as the 'Meteor 350', heavy spending on new models like the e-bike "Flying Flea", and increased costs, including on promotions in a quarter that included the major Diwali and Christmas festivals.

Elara Securities analyst Jay Kale said though vehicle sales hit an all-time high in the quarter, with growth beating those of rivals, the company's gross profit per vehicle was at a six-quarter low. Kale rates the stock "sell".

Morgan Stanley analyst Binay Singh, who rates the stock "underweight", doesn't expect margins to grow soon.

"Growth over margins is the right strategy, in our view. But with the stock pricing in high growth and high margins, achieving both will be tough."

Eicher's stock has outperformed those of its key rivals, Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, over the past year. Its price-to-forward earnings ratio of 29.3 is sandwiched between TVS's 38 and Bajaj's 26.

However, while six analysts cut their price targets on Eicher's stock, at least 17, or half of all brokerages, raised their targets, factoring in higher core profit from the company's commercial vehicles joint venture with Volvo.

Analysts' median 12-month target is now 5,409.50 rupees on the stock, implying a 6% upside to the current price of about 5,102 rupees, per LSEG data.

Their average rating is "hold" on Eicher, while they rate both Bajaj and TVS "buy".

(Reporting by Manvi Pant, Additional reporting by Meenakshi Maidas; Editing by Savio D'Souza)

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Feb 6 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA'S FADA: OVERALL AUTO RETAIL GREW BY 6.6% YOY IN JAN

• INDIA'S FADA: PERSISTENT CASH-FLOW CONSTRAINTS, SUBDUED INDUSTRIAL DEMAND COULD CAP UPSIDE POTENTIAL

• INDIA'S FADA: SUPPORTIVE POLICIES, POST-BUDGET STIMULUS MAY HELP SUSTAIN SECTOR’S EARLY-YEAR GAINS

• INDIA'S FADA: ONGOING FESTIVE/WEDDING DEMAND, FRESH PRODUCT INTRODUCTIONS COULD SUSTAIN FOOTFALLS IN NEAR-TERM

• INDIA'S FADA: NEARLY HALF OF DEALERS ANTICIPATE GROWTH IN FEB,43% EXPECT SALES TO STAY FLAT,11% FORESEE DIP

• INDIA'S FADA: AUTO RETAIL SECTOR ENTERS FEBRUARY WITH CAUTIOUS OPTIMISM

Source text: [ID:]

Further company coverage: ASOK.NS

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