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Auto Sector (PV): Outperforms other segments in October 2021

News: For October 2021, market leader Maruti Suzuki (MSIL) reported 61.9% MoM growth to 1.35 lakh units. M&M's volumes increased by 53.3% to 20,130 while Tata Motors' growth stood at 31.9% to 34,155 units.

Views: MSIL's outperformance came on a low base but was higher than expected. A slight disappointment was product mix deterioration, with UV volume growth limited to 46.7%. Tata Motors continued to do well and reported 47% jump in EV sales to 1,586 units. M&M reported 55.7% growth in UVs .