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A look at the Nifty Auto indexs performance over the past one year suggests that it has done better than Nifty50 and also outperformed Nifty IT, Nifty Bank, Nifty FMCG, Nifty Metal and Nifty Media during this period while underperforming Nifty Pharma and Nifty Realty.
Auto sector performs well in 2023 with Nifty Auto index up 24% YTD. Lower input costs and price hikes drive margin expansion. PV/2W/CV segments show growth in FY23. PV industry expected to grow 5-7% in FY24
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The average quantity of aluminium used per vehicle in India remains significantly lower (~40-45kg) compared to the global average of ~160-200 kg. ICRA believes that focus on vehicular weight reduction to improve fuel efficiency would entail a higher per unit usage of aluminium, going forward. Further, a significant transition to electric vehicles in the coming decade would also aid domestic aluminium demand in the long term. The extensive infrastructure development plans of the Union Government also bode well for the domestic aluminium demand, ICRA said.