ICICI Direct - Covid Recovery Pulse - Covid resurgence impacting auto retails...

Vahan daily registrations have averaged ~52400 units, ~65% of pre-Covid levels on MTD basis in April 2021, largely unchanged week-on-week. Sharp Covid-19 resurgence pan India is seen continuing to impact auto retails in the near term.

E-Way bill generation for April began on a strong note reaching 3.6 crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~113% levels of the average 5.5 crore bills. E-Way bill generation for April, May, July, August, September, October, November, December, January, February and March hovered at 16%, 46%, 79%, 88%, 90%, 104%, 116%, 105%, 116%, 114%, 116% and 129% levels, respectively.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_CovidRecoveryPulse_23Apr21.pdf

Source : Equity Bulls

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