Auto stocks are trading mixed with Ashok Leyland and Maharashtra Scooters being the biggest gainers whereas Tata Motors and Force Motors are the major losers. As per Society of Indian Automobile Manufacturers (SIAM), sales of domestic passenger cars in February increased by 1.4% YoY to 1.6 lakh units. Two wheeler sales grew by 9.7% YoY to 12.2 lakh units for the month. However, sales of commercial vehicles continued to fall and were down by 29.8% YoY to 47,982 units.
Majority of the engineering stocks are trading in the green with Bharat Heavy Electricals (BHEL) and BEML Ltd being among major gainers. As per a leading financial daily, Engineers India has won a $139 m contract from Nigerian company Dangote Group. This is the largest ever overseas contract bagged by the company and entails project management consultancy and engineering, procuring and construction management services for the Nigeria based refinery and polypropylene plant. The company is focusing on overseas markets particularly in Middle East, Africa and South East Asia and has set a target to achieve 20% of its revenues from the overseas markets. Engineers India's stock is trading up 2.6%.