Nuvama sees India as auto safe haven, bets on Eicher, TVS, M&M, Maruti amid global slowdown

Nuvama Institutional Equities is betting connected Indian two-wheeler, rider conveyance and tractor majors including Eicher Motors, TVS Motors, Maruti Suzuki and Mahindra & Mahindra to outperform, citing resilient home request and merchandise momentum, adjacent arsenic the planetary car manufacture faces broad-based measurement declines successful 2025.

The brokerage has turned selectively bullish connected Indian car stocks, issuing ‘buy’ ratings for 4 two-wheeler manufacturers, Eicher Motors with a people terms of Rs 6,200, TVS Motors astatine Rs 3,200, Bajaj Auto astatine Rs 10,700, and Hero MotoCorp astatine Rs 5,100, and naming them arsenic cardinal beneficiaries of “domestic strength, caller launches and premiumisation tailwinds.” Nuvama said the two-wheeler export rhythm has apt bottomed retired and expects Bajaj and TVS to “lead the battalion connected measurement growth.”

Nuvama besides maintained a affirmative presumption connected rider conveyance large Maruti Suzuki, with a people terms of Rs 13,400, and connected tractor and inferior conveyance shaper Mahindra & Mahindra astatine Rs 3,700. Escorts Kubota was rated ‘buy’ astatine Rs 3,600. On the different hand, Tata Motors and Ashok Leyland were rated ‘reduce’ with people prices of Rs 670 and Rs 240, respectively, citing anemic segments and freight-related structural shifts.

Auto constituent stocks besides diagnostic among the brokerage’s apical picks. Motherson Wiring India was rated ‘buy’ with ...