TVS Motor, Hero Moto shares down on last day mega two-wheeler discounts
NEW DELHI: Shares of auto companies were trading mixed despite heavy discount raining on auto buyers, after Supreme Court ban on sale and registration of non BS-IV vehicles from April 1.
Hero MotoCorp, HMSI, Bajaj Auto and Suzuki Motorcycle are offering discounts of up to Rs 22,000 on BS-III models to liquidate inventory.
As today being the last day to sold unsold inventory, two and three-wheeler major TVS Motor also joined manufacturers in offering discounts. The company has announced discounts upto Rs 20,150"across its models in BS III variants which is valid for Friday only.
The Nifty Auto index was trading almost flat at 9862.25 around 9.50 am (IST) on Friday. However, Hero Moto Corp and TVS Motor were trading lower by 0.62 per cent and 1.23 per cent, respectively.
Tata Motor and Eicher Motor were also trading down by 0.30 per cent and 0.50 per cent, respectively. However, Ashok Leyland and Maruti Suzuki were trading higher by 0.42 per cent and 0.51 per cent, respectively.
Meanwhile, Nifty index was up 10.15 points, or 0.11 per cent at 9163.60 around the same day.
According to Nirmal Bang Securities, the Supreme Court decision is likely to adversely impact original equipment manufacturers or OEMs having high inventory of BS III vehicles as on date. As per media reports, Society of Indian Automobile Manufacturers (SIAM), the industry body, has stated that unsold inventory of BSIII vehicles as on 20 March 2017 stood at close to 8,00,000 units comprising two-wheelers (6,71,000 units) followed by commercial vehicles or CVs (96,700) and three-wheelers (40,000).
Hero MotoCorp, HMSI, Bajaj Auto and Suzuki Motorcycle are offering discounts of up to Rs 22,000 on BS-III models to liquidate inventory.
As today being the last day to sold unsold inventory, two and three-wheeler major TVS Motor also joined manufacturers in offering discounts. The company has announced discounts upto Rs 20,150"across its models in BS III variants which is valid for Friday only.
The Nifty Auto index was trading almost flat at 9862.25 around 9.50 am (IST) on Friday. However, Hero Moto Corp and TVS Motor were trading lower by 0.62 per cent and 1.23 per cent, respectively.
Tata Motor and Eicher Motor were also trading down by 0.30 per cent and 0.50 per cent, respectively. However, Ashok Leyland and Maruti Suzuki were trading higher by 0.42 per cent and 0.51 per cent, respectively.
Meanwhile, Nifty index was up 10.15 points, or 0.11 per cent at 9163.60 around the same day.
According to Nirmal Bang Securities, the Supreme Court decision is likely to adversely impact original equipment manufacturers or OEMs having high inventory of BS III vehicles as on date. As per media reports, Society of Indian Automobile Manufacturers (SIAM), the industry body, has stated that unsold inventory of BSIII vehicles as on 20 March 2017 stood at close to 8,00,000 units comprising two-wheelers (6,71,000 units) followed by commercial vehicles or CVs (96,700) and three-wheelers (40,000).
