Auto stocks were broadly under pressure during Thursday's trading session ahead of heavyweight Maruti Suzuki and TVS Motors financial performance for September 2020 (Q2FY21) quarter announcement. Investors are keenly watching corporate results of automakers amid Covid-19 pandemic. Among key things to watch out is bottom-line performance on the back of sales, management commentary and outlook ahead.
At around 1.20 PM, Nifty Auto was trading at 7,849.65 below 73.10 points or 0.92%. The index has touched the day's low of 7,790.85.
On the index,
Tata Motors was the top underperformer, trading at Rs131 per piece down 2.82%, followed by Bharat Forge at Rs451.85 per piece below 1.78% and Exide Industries at Rs156.85 per piece lower by 1.26%.
Heavyweight stocks like M&M,
Maruti Suzuki, Hero MotoCorp, Bajaj Auto, Bosch and Eicher Motors plunged by 1% each.
On the other hand,
MRF was the top gainer, performing at Rs67,750 per piece up 1.35%, followed by Motherson Sumi at Rs107.30 per piece surging 0.94%. Ashok Leyland gained marginally.
Maruti and
TVS Motor are scheduled to announce their Q2 result today. While
Hero MotoCorp is the latest automobile company to already announce its financial performance.
In Q2FY21, Hero MotoCorp reported a net profit of Rs953cr, rising by 8.2% from Rs875cr a year ago same period. Revenue from operations increased by 19.2% to Rs9,367cr compared to Rs7,571cr in the corresponding period of the previous year.