ICICI Direct - Covid Recovery Pulse - Covid resurgence impacting auto retail sales...

Vahan daily registrations have averaged ~54,500 units i.e. ~68% of pre-Covid levels on an MTD basis in April 2021, slightly ahead of ~65% levels observed till last week. Continued Covid-19 resurgence pan-India and associated local restrictive measures are seen keeping registrations soft over the coming weeks.

E-Way bill generation for April began on a strong note reaching 4.9 crore. If we compare this to the average bill generation in the months prior to Covid-19 (October 2019-February 2020), it has reached ~107% 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_30Apr21.pdf

Source : Equity Bulls

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