Free stock tips & update : Investors are suddenly buying auto stocks after companies reported better-than-estimated vehicle sales in Oct month, sparking hopes that the trend will continue in this festive season in November & translate into healthy financials for the present quarter.
Tata Motors led the rally with a 6% gain, driven by strong Jaguar Land Rover sales in the United States. The stock has advanced 29% in the previous month. The company told yesterday JLR's October sales grew 76% in the United States from a year earlier.
The benchmark BSE Sensex lost 38 pts on yesterday. "Most of the major auto players shocked with their October numbers, which were better than hopes," told Mihir Jhaveri, an auto analyst with Religare. "This could have led investors to buy the auto stocks." Sales by Indian carmakers increased 22% to about 2.66 lakh vehicles in October, the third-highest monthly level in the history of the country's automotive industry.
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Tata Motors led the rally with a 6% gain, driven by strong Jaguar Land Rover sales in the United States. The stock has advanced 29% in the previous month. The company told yesterday JLR's October sales grew 76% in the United States from a year earlier.
The benchmark BSE Sensex lost 38 pts on yesterday. "Most of the major auto players shocked with their October numbers, which were better than hopes," told Mihir Jhaveri, an auto analyst with Religare. "This could have led investors to buy the auto stocks." Sales by Indian carmakers increased 22% to about 2.66 lakh vehicles in October, the third-highest monthly level in the history of the country's automotive industry.
Read More : Free stock tips
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