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Indian automakers are set to benefit from anticipated government wage hikes, with Goldman Sachs projecting a 14%-19% increase for 5 million employees following the 8th Pay Commission. This boost, alongside tax savings post-FY26 budget, is expected to drive demand in the auto sector. Key beneficiaries include Eicher Motors, TVS Motor, Maruti Suzuki, and Uno Minda, with respective share price movements of 13.3%, 3%, and 9.7% in 2025, while the Nifty auto index has declined by 4.5%.
Emkay Global Financial has maintained a REDUCE rating on Uno Minda, raising the target price to Rs 950. The company reported strong Q2 results, outperforming MSIL with a 6% EBITDA beat and improved margins. Despite positive growth expectations and market share gains, valuations are considered high.
KR Choksey has upgraded its rating for UNO Minda to "BUY" with a target price of INR 1,232, reflecting a 22.9% upside potential. In Q2FY25, the company achieved record operating revenue of INR 42,448 Mn, a 17.2% YoY increase, with EBITDA rising 20.1% YoY to INR 4,824 Mn. The strong performance supports the maintained EPS estimates for FY25E/FY26E.
Uno Minda Limited
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Indian auto stocks poised for growth amid potential government wage hikes
Indian Rupee
TVS Motor Company Limited
Uno Minda Limited
Maruti Suzuki India FUT, March
Eicher Motors FUT, March 2025,
IND
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08:41 25.03.2025
Emkay Global Financial maintains reduce rating on Uno Minda with target price of 950
10:56 22.11.2024
uno minda reports strong quarterly growth and receives buy rating
08:57 13.11.2024
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