JEFFERIES ON AUTO SECTOR

• Prefers two-wheelers over four-wheelers; TVS Motor and Eicher Motors remain top Buy picks. • Festive two-wheeler registrations UP 11% YoY, while passenger vehicle registrations UP 6%. • October wholesale growth strongest for TVS Motor, Maruti Suzuki and Hero MotoCorp versus estimates. • Truck demand remains strong, while tractor wholesales decline due to a high base and weakening demand.

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