Auto sales see mid-to-high single-digit growth during Navratras; rural lag

Retail sales during the Navratras grew by mid-to-high single digits across regions even as rural sales have remained muted, a brokerage firm said in a report on the automobile sector on Thursday.The report by Motilal Oswal Financial Services also said that during the last week of October, inquiries and bookings are seeing a slight improvement for passenger vehicle OEMs (original equipment makers) especially for Maruti Suzuki and Tata Motors."We observed varied demand trends in October, with two-wheelers and tractors showing positive momentum and passenger and commercial vehicles witnessing moderate demand. A better monsoon is helping drive positive sentiment in rural regions, though the sustainability of this demand remains to be seen," the brokerage firm said.Overall, two-wheelers performed better, with festive growth expected at 4-5 per cent year-on-year partially constrained by a high base, it said.At the same time, passenger vehicles may see a fall in the festive season ...