Our interaction with the leading automotive channel partners in India indicates ebbing retail sales momentum, particularly in 2Ws, due to the impact of untimely rain in key markets.
Demand momentum in the rural markets continues to be healthy. Untimely rain did hurt key markets like Maharashtra, but the impact is expected to be temporary.
2W demand remains mixed, as the momentum gained from the wedding season demand in the northern belt is partially negated by muted sales in Maharashtra and UP. HMCL outperformed in motorcycles, capitalizing on healthy wedding season demand in north.
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Motilal Oswal was founded in 1987 as a small sub-broking unit, with just two people running the show. Today it has a 2000 member team with a networth of Rs7 bn and market capitalization as of March 31, 2008 at Rs19 bn.
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