Tube Investments Fares Highest on Nifty Auto; Nifty50 Ends Over 1.5% on Monday

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Tube Investments Fares Highest on Nifty Auto; Nifty50 Ends Over 1.5% on Monday
Credit: © Reuters.

By Malvika Gurung -- On a positive day for Dalal Street, benchmark equity indices Nifty50 and BSE Sensex ended 1.57% and 1.6% higher, respectively. 

While Nifty Auto was a major sectoral gainer on Monday, gaining 1.62%, the scrip leading the bull ride was Tube Investments (NS: CHOL ) of India Limited, an engineering company, which soared 7.7% on Monday, followed by Eicher Motors (NS: EICH ) and Ashok Leyland (NS: ASOK ), up 4.65% and 4.04%, respectively.

Of the 15 scrips listed on Nifty Auto, 12 advanced by the end of Monday’s session, while 3 ended lower. These stocks were Bosch Ltd (NS: BOSH ), Balkrishna Industries (NS: BLKI ) Ltd and Mahindra & Mahindra (NS: MAHM ) Ltd, declining between 0.3% to 0.82%.

The homegrown auto major Mahindra & Mahindra reported a 19% fall in the total tractor sales on a YoY basis at 18,269 units in Dec 2021, with domestic sales declining 21% to 16,687 units YoY in the last month.

However, its total sales grew 11% to 39,157 units in Dec 2021, on a YoY basis, and exports surged 37% to 3,017 units in the same month.

On the other hand, despite reporting a 4% drop in total sales to 1.53 lakh units in Dec 2021 on a YoY basis, the country’s largest automaker Maruti Suzuki (NS: MRTI ) India ended 1.4% higher on Monday.

Goldman Sachs (NYSE: GS ) has maintained a Buy rating on the auto stock with a target of Rs 9,000/share, an upside of over 19%.

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