Shares of Indian automotive companies surged on September 23 as robust demand for two- and four-wheelers boosted the sector, cushioning broader market weakness. The Nifty Auto index rose nearly 1.5 per cent, led by Maruti Suzuki, Eicher Motors, Tata Motors, M&M, and Hero MotoCorp, alongside consumer finance NBFC Bajaj Finance.
Top Gainers: Maruti, Tata Motors, Hyundai, Eicher, Hero MotoCorp Lead Rally
Among F&O names, Ashok Leyland, Bajaj Auto, TVS Motor, and Bharat Forge were also among the top gainers. Over the past 30 days, shares of ancillary players such as Motherson Sumi and Bharat Forge rose 10–15 per cent, reflecting anticipated demand spillover to their businesses.
Early dealer checks indicated strong bookings on the first day of Navratri festive sales, with Maruti, Tata Motors, and Hyundai Motor India posting robust numbers after a subdued September due to the Shradhh period.
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Brokerages Bullish on Passenger Vehicle Demand
Goldman Sachs upgraded Maruti Suzuki to Buy from Neutral, setting a target of Rs 18,900 per share, driving it to a 52-week high. Nuvama highlighted that the passenger car (PV) segment is in a mid-to-advanced stage of the upcycle, potentially continuing until FY27–FY29. The brokerage attributed momentum to GST 2.0, new launches, expected government pay commission benefits, and potential RBI rate cuts.
Emkay Global reported dealers in Western India noting 15–20 per cent year-on-year growth in bookings for September and forecasting over 20 per cent volume growth in the October–December period. Demand for electric two-wheelers is expected to remain strong even after the GST-related price gap narrowed, with customers willing to pay a premium for differentiated offerings.
Festive Surge: Record Bookings for Maruti, Tata Motors, Hyundai
Tata Motors recorded 10,000 deliveries and over 25,000 enquiries on the first day of Navratri. Maruti Suzuki reported close to 30,000 bookings and 80,000 enquiries, while Hyundai Motor India achieved 11,000 dealer billings—the highest single-day performance in five years.
Maruti has extended GST-related price cuts for entry-level hatchbacks and continues discount schemes until the end of September. Hyundai COO Tarun Garg said, “The auspicious start of Navratri, amplified by GST 2.0 reforms, has infused strong positivity into the market.” Tata Motors is hopeful that festive demand will continue through December 2025.
Price Cuts Across Segments Boost Consumer Sentiment
From hatchbacks to luxury SUVs, customers are expected to save between Rs 40,000 and Rs 30 lakh on ex-showroom prices, supporting strong consumer sentiment and robust bookings across segments.
