Mixed February sales numbers fail to deter share performance; Escorts Kubota up over 2%

Shares of auto stocks, including the likes of Mahindra and Mahindra, Escorts Kubota, and Bajaj Auto, traded with gains of up to xxxx amid healthy February sales figures.

Mahindra & Mahindra (M&M Ltd.), the country’s leading automotive company, announced in a filing today that its overall auto sales for February 2024 stood at 72,923 vehicles, a growth of 24 per cent, including exports.

On the growth, the company’s shares were last seen trading higher by 0.59 per cent, or Rs 11.35, at Rs 1,945.15.

Further, Escorts Kubota, which in its business update for February informed of the decline in its total sales by 17 per cent year-on-year (YoY), also saw a surge in its shares. Shares of India's leading engineering conglomerate were up by 2.23 per cent to Rs 2,918.2.

Bajaj Auto, which posted a total jump of 24 per cent in sales on year, saw its shares scale higher. At the time of writing the copy, shares of the two-wheeler major traded with gains of 1.66 per cent at Rs 8,042.

Brokerage firm Antique Stock Broking estimated mid-single-digit volume growth during the review month, thanks to 2W and 3W segment growth driven by improving rural sentiment, while the PV segment was also expected to post marginal growth.