Festival boost for auto sales; auto stocks surge

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Festival boost for auto sales; auto stocks surge
A surge in demand for auto and two-wheelers has seen most of the companies report a sharp increase in sales volume for Oct 2012. Shares prices of auto stocks have surged after companies reported Oct sales volume numbers.

Shares of Hero Motocorp Company rose 1.72% at Rs 1938, after the company reported its highest ever sales in scooters in the month of October 2012.

Mahindra & Mahindra Ltd, India's leading SUV manufacturer, reported all time high monthly auto sales number of 53438 units, representing a 29% growth over October 2011. The shares of the company rose by 1.60% at Rs 914 on BSE.

Car market leader, Maruti Suzuki India shares hit a 52- week high on Thursday and was seen trading at Rs 1457, higher by 0.15%. The company sold a total of 103,108 units in October 2012. This includes 7,106 units for export.

Shares of Bajaj Auto surged 2.17% on the BSE after the company posted the highest ever domestic motorcycle sales at 262,000 unite for the month of October 2012.

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