Indian automakers delivered a strong performance across segments in June 2026, as healthy retail demand boosted sales, with brokerages highlighting that commercial vehicle wholesales strongly beat estimates.

Motilal Oswal Financial Services, in its note, highlighted that retail demand momentum remained healthy for passenger vehicles and tractors in June, while two-wheelers saw a revival after a tepid performance in May. Commercial vehicle retail, on the other hand, was relatively soft due to the ongoing geopolitical conditions. However, wholesale sales for the month came in strong, beating our estimates across the board.

“The three listed players posted a healthy 31.3% YoY growth in June 2026, primarily over a low base of last year. TMCV continued to outperform its peers and drive industry growth, posting around 35% YoY growth in CV sales to nearly 41k units, ahead of our estimate of 34k units,” it said.

“Overall, most segments posted healthy double-digit growth in wholesales,” it said, noting that Mahindra & Mahindra (M&M) and Tata Motors PV outperformed in the PV segment, while Hyundai Motor India underperformed and Maruti Suzuki India grew in line with industry growth.

Motilal Oswal’s top auto picks

CV retails remained relatively subdued, though the top three CV OEMs posted strong 31% YoY growth in dispatches, mainly due to the inventory push in the system, Motilal said, adding that tractor demand remained steady (+13.5% YoY for the two listed players) despite ongoing concerns. “Overall, given the stable demand momentum and easing input cost pressure, we expect renewed investor interest in the sector in the coming quarters,” it said.

The domestic brokerage named Maruti Suzuki India, TVS Motor Company and Mahindra & Mahindra (M&M) as its top OEM picks. Among auto ancillaries, its top picks are Motherson Sumi Wiring India, Samvardhana Motherson International and Endurance.

Also read: Major automakers record strong June sales on steady domestic demand, rising exports

Emkay’s top auto picks

Analysts at Emkay Global also highlighted that auto pack delivered strong performance in June 2026, with growth momentum rebounding across segments and players (also reflected in Vahan retail volumes). In two-wheeler dispatches, Eicher Motors outpaced Hero MotoCorp, while the two-wheeler industry retail momentum returned to 21% YoY with robust growth across the pack.
Passenger vehicles also saw strong growth across OEMs, barring Hyundai, whose June volumes were hit by the fire incident at a key supplier’s facility, Emkay noted. Tata Motors Passenger Vehicles led the strong growth among PVs.Amid a strong rebound in underlying demand, Emkay favours two-wheelers or CV OEMs over PVs, due to a similar demand trajectory, albeit with better pricing flexibility amid commodity pressures and a limited new model launch pipeline in FY27 (historically a key growth driver for PVs). In two-wheelers, it favours TVS Motor Company and Ather Energy on a structural basis, and Bajaj Auto, as it offers a better risk-reward.

“We prefer to play the CV upcycle with Tata Motors CV,” it further said, adding that in ancillaries, it favours Shriram Pistons, Craftsman Automation, JK Tyre and Pricol.

Also read: Domestic car sales surge in June on tax cuts, lower interest rates & strong demand

ICICI Securities’ top auto picks

ICICI Securities also noted that June 2026 wholesale volumes remained robust and broadly ahead of its estimates. “GST cut-fuelled demand momentum, coupled with a favourable base, continues to underpin the auto sector’s growth. Within 2Ws, scooters and premium motorcycles drove overall segment growth. PV wholesales expanded in double digits, led by strong traction across domestic PCs/UVs and low channel inventory. In CVs, growth was broad-based across MHCVs and LCVs (ahead of our estimates).

The tractor segment’s growth trajectory remained robust (ahead of our estimates). Demand sustainability amid the recent vehicle/fuel price hike(s), along with the potential impact of a below-average monsoon (especially on the tractor segment), remains a monitorable,” it said.

Its preferred auto picks are Hyundai Motor India, Maruti Suzuki India and Bajaj Auto.

Also read: Growth engine revving as GST, auto sales rise despite global roadblocks

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

Shares of TVS Motor Company climbed as much as 3.03% to Rs 3,494 during Thursday’s trading session after the company reported its highest-ever quarterly sales of 16.31 lakh units for the first quarter of FY2026-27, driven by robust demand across domestic, export, and electric vehicle segments.

According to the company’s regulatory filing, total two-wheeler sales surged 27% to 15.64 lakh units in Q1 FY2026-27 from 12.32 lakh units in the corresponding quarter last year. Three-wheeler sales jumped 48% to 0.67 lakh units, while the overall international business grew 33% to 4.68 lakh units, highlighting strong momentum in export markets.

June sales deliver strong growth

TVS Motor Company reported a 47% year-on-year increase in total sales for June 2026, with volumes rising to 590,003 units from 402,001 units in the same month last year.
Total two-wheeler sales climbed 47% to 565,417 units, compared with 385,698 units a year earlier. Domestic two-wheeler sales also grew 46% to 411,014 units from 281,012 units. Motorcycle sales rose 42% year-on-year to 267,096 units, while scooter sales surged 53% to 247,950 units.

The company’s electric two-wheeler segment recorded a sharp jump in sales, nearly tripling to 48,537 units from 14,400 units in June 2025. The sharp rise in EV volumes and sustained export growth contributed to the company’s strong monthly performance.

TVS Motor’s international business posted a 47% increase in sales to 172,355 units from 117,145 units a year ago. Overseas two-wheeler sales rose 48% to 154,403 units, compared with 104,686 units in the corresponding period last year.

Three-wheeler sales increased 51% year-on-year to 24,586 units from 16,303 units in June 2025.

Stock Performance and Technical Outlook

TVS Motor has delivered solid long-term returns, with the stock gaining around 21% over the past year and an impressive 163% over the last three years. The company currently commands a market capitalization of Rs 1.66 lakh crore, while its 52-week high stands at Rs 3,970.
From a technical perspective, the stock’s 14-day Relative Strength Index (RSI) stands at 51.6, indicating neutral momentum, as an RSI below 30 is considered oversold while above 70 is viewed as overbought.

Also read: From deep correction to fresh peaks: 10 stocks soar from 52-week lows to new highs in just three months
The stock is also trading above five of its eight key simple moving averages (SMAs), suggesting that the broader trend remains constructive despite near-term volatility.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The U.S. Federal Reserve is unlikely to rush into changing interest rates as inflation continues to moderate and economic conditions remain balanced, according to Steve Englander from Standard Chartered Bank. Speaking to ET Now, he said the combination of strong productivity growth, easing oil prices, and subdued labour cost pressures has reduced the urgency for policy action. In his view, there are no significant imbalances in either economic activity or inflation that warrant an immediate move, allowing the Fed to monitor how structural forces shape the inflation outlook.

“Our forecast was that they would be flat in 2026… unit labour costs, which are the biggest driver of domestic price pressures, are very, very muted… With oil prices coming down… inflation risk is lower. They really do not have to do much,” he said.

Markets Push Expectations Towards Year-End
Market expectations for interest-rate moves have shifted modestly over recent days, but Englander believes these changes are largely technical rather than fundamental. He noted that while traders briefly considered an earlier rate move, expectations have once again shifted towards later in the year. He also said the positive tone struck by Fed Chair Kevin Warsh at the Sintra forum helped lift investor sentiment and supported U.S. equities.“The market was flirting with the idea of pushing the hike into July. Then they backed away from it, and now it looks more towards the end of the year… the equity market response… was largely in response to this positive tone and sense of inflation possibly being contained,” he said.

Metals Pullback Seen as a Short-Term Correction
The recent decline in gold, silver, and other metal prices should not be interpreted as a long-term trend, Englander said. He attributed the correction to investors trimming positions after an unexpected rise in real and nominal interest rates. Despite the recent weakness, he believes the broader outlook for precious metals remains favourable as supply-side pressures persist and global growth remains resilient.“The positions were cut, and we saw prices coming off. But I do not think that this is the long-term destination for metals… this is a short-term reaction, but not necessarily where metals are going in the longer term,” he said.
Yen Needs Policy Action Beyond Intervention
Commenting on the sharp depreciation of the Japanese yen, Englander said currency intervention alone is unlikely to produce lasting results. He argued that stronger monetary policy action would be far more effective than repeated intervention in the foreign exchange market. Until that happens, he expects the yen to remain under pressure as investors continue to favour the U.S. dollar.
“The most powerful intervention would be to push rates up faster than the market is expecting… intervention by itself… may not be the ticket for a durably stronger yen,” he added.

President Donald Trump on Wednesday announced that fuel prices will be lowered at select gas stations in the Philadelphia area just ahead of the Fourth of July holiday, as he boasted that oil and gas prices are dropping.

On Friday, Freedom Fuel Network will be lowering gas prices at 25 stations across the Greater Philadelphia Area, according to Trump.

“As we approach America’s 250th Birthday, I am pleased to announce that a VERY smart Retailer, located throughout the Northeast, is stepping up, and wishing the People of Philadelphia a ‘Happy Birthday!’” Trump wrote on Truth Social.

Trump said Freedom Fuel Network is “taking the lead” and urged other retailers to follow.

BESSENT WARNS GAS STATIONS ‘WE’RE WATCHING’ AS TRUMP DEMANDS IMMEDIATE PRICE CUTS

“They are doing this because they love the U.S.A. We are proud to celebrate America’s 250th Birthday in the Great Commonwealth of Pennsylvania, the Birthplace of our very special, one-of-a-kind Declaration of Independence,” he wrote.

“America has never been stronger than it is now, and Gas Prices will soon be back to the Record Low Prices Americans enjoyed at the pump before our very successful ‘excursion’ in Iran. Happy Birthday America!” the president continued.

He said that fuel prices are dipping, but not at the rate he would like to see.

“Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, but not as fast as they should be,” Trump said.

This comes after the president demanded on Monday that gasoline retailers lower their prices “IMMEDIATELY!” Last week, he threatened a federal price-gouging investigation against them.

Trump argued in his Monday post that gas prices are still “too high” despite a dip in crude oil futures to near levels seen before the recent U.S.-Israeli conflict with Iran, and urged retailers to target an average gas price of around $2.50 per gallon, which would be less than the roughly $3-per-gallon national average seen before the conflict, depending on the date and source.

“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead!” he said on Monday.

“Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government,” he added.

TRUMP ALLEGES GAS PRICE GOUGING, CALLS FOR DOJ INVESTIGATION

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California Gov. Gavin Newsom’s press office responded to Trump’s post on Monday by blaming the president for high fuel prices.

“REMINDER of what Trump said on March 12: ‘When oil prices go up, we make a lot of money,’” the governor’s press office wrote.

In another post, the press office wrote: “The GOP-enabled Iran war has now forced a growing $63 billion in extra fuel costs on Americans nationwide — that $243.14 per California household so far this year.”

The current national average for gas is $3.847 per gallon, with some states such as California exceeding $5 per gallon, according to AAA. AAA listed California’s average at $5.414 per gallon and Pennsylvania’s average at $3.986 per gallon on Wednesday.

Police in Singapore have seized a multi-million dollar luxury home that was allegedly bought using proceeds from smuggling Nvidia artificial intelligence (AI) chips.

The property last changed hands for 55 million Singapore dollars (£32m; $42.5m), with at least two-thirds of its purchase price allegedly funded by illicit earnings, authorities said on Wednesday.

The home was seized as part of a probe into the alleged illegal trade in servers containing highly sought-after advanced Nvidia chips, which are subject to US export controls.

The US Department of Justice has previously flagged Singapore as a key transit hub to conceal illegal shipments to China.

The police said an order was in place to stop the property being sold during the investigation.

Located a short walk from Singapore’s famous Botanic Gardens, the property sits in a prime district of the land-scarce city-state.

Wei Zhaolun, who is also known as Alan Wei, will be charged with money laundering for allegedly using around 38 million Singapore dollars of criminal proceeds to fund the purchase of the house, police said.

He is the chief executive of Aperia Group, which sells servers and other tech hardware to businesses. The BBC has contacted Aperia Group for comment.

Authorities have also seized around one million Singapore dollars held in bank accounts.

The police said a total of four people, including Wei, have been charged since February 2025 over fraud and other alleged crimes linked to the case.

The individuals allegedly placed orders for servers from global suppliers under the pretence that they would be used by companies they worked for.

Authorities have not said where the servers were shipped to.

The police said the servers in the case were bought from three suppliers – Dell, Super Micro Computer and Asus. The BBC has contacted the three companies for comment.

If convicted of fraud, the four, who face multiple charges, could face jail time of up to 20 years.

Singapore-based tech companies, Luxuriate Your Life and three firms under the Aperia Group, also face charges in what the police say is the first instance of corporate entities being prosecuted under these investigations.

The BBC has been unable to reach Luxuriate Your Life for comment.

The police said it holds a “zero-tolerance stance towards such offences” and will act against anyone who violates Singapore’s laws to protect the country’s integrity as a trusted global business hub.

The US and Singapore have cracked down on the illegal shipping of Nvidia chips since Washington restricted their export in 2022 over concerns that they could be used by the Chinese military.

Authorities in Singapore said in 2025 that servers containing chips under US export controls were believed to have been shipped via the island-state.

The US has since approved the sale of some of Nvidia’s semiconductors to China, under certain conditions.