CEAT, Pricol: Auto ancillary stocks look set to rally further, charts show

With a "Higher High, Higher low" formation, the stock of Pricol has gradually risen to higher levels recently.

Market capital of ancillary firms shrink as automobile sector slowdown
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Auto Ancillary stocks

Avdhut Bagkar Mumbai
Despite localised lockdows across states, shares of the auto ancillary firms have held their ground so far at the bourses over the past one month. Shares of Jay Bharat Maruti, for instance, are up 49 per cent over the past one month while those of Automotive Stampings and Assemblies, Motherson Sumi, Wabco India, JBM Auto, Hindustan Composites, Pricol, Minda Corporation, and Munjal Auto Industries are up between 10 per cent and 21 per cent, ACE Equity data show. In comparison, the Nifty50 and the Nifty Auto indices have gained 3 per cent and 6 per cent, respectively during the period.

On the ground, however, automobile manufacturers have shut production facilities amid surging Covid-19 cases. Maruti Suzuki India, the country's largest carmaker,

First Published: May 14 2021 | 12:16 PM IST

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