Covid-19 Recovery Pulse - Auto Retail Picking Up Pace: ICICI Direct

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ICICI Direct Report

Daily Vahan registrations in August continued to pick up pace during the past week as domestic retail activity approaches normalcy.

They are now averaging ~63,000 units on month-to-date basis (down 11% month-on-month), 79% of pre-Covid-19 levels versus 77% in the previous week.

We expect the momentum to pick up pace, going forward, supported by regional festivals in the near term.

E-Way bill generation for August 2021 continued on a strong note, reaching 3.1 crore (till August 15).

If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~115% of the average 5.5 crore bills.

Goods and services tax collections made a strong comeback in July and came in at Rs 1.16 lakh crore.

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