March volumes remained mixed with two-wheelers (2W) reporting healthy growth while four-wheelers (4W) declined, albeit at slower pace. In passenger vehicles (PV), Maruti Suzuki (MSIL) reported 5% YoY dip in domestic sales, Mahindra & Mahindra (M&M) posted only 9.3% decline riding election-led/year-end buying, while Hyundai/Honda/Ford/Nissan reported healthy growth on new launches, according to Edelweiss Securities.

''In 2Ws, Hero MotoCorp (HMCL) surprised with strong 11.9% YoY growth; Honda, Yamaha, TVS, M&M sustained healthy double-digit growth. Royal Enfield (RE) surprised with robust volumes (23,693 units). M&M's domestic tractor volumes reported modest 6.6% YoY growth,'' it said.

''In M&HCVs, seasonality saw mere 7.6%/16.4%/21.3% YoY drop for Eicher, Tata Motors (TTMT), Ashok Leyland (AL). We remain positive on Tata Motors (structural growth for JLR), MSIL (cyclical recovery, new launches) and M&M (inexpensive valuations).''

''While new launches will continue to drive consumer interest, volume triggers remain elusive in near term. We remain positive on Tata Motors ('Buy'; structural growth for JLR), Maruti Suzuki ('Buy', cyclical recovery and new launches and M&M ('Buy', inexpensive valuations),'' the broking firm opined.

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