Nomura bullish on auto stocks; upgrades Motherson Sumi to ‘buy’, here’s why

Nomura sees a very strong play for Indian autos from the global place. The firm expects a very strong recovery in global demand over FY21 and FY22.

The brokerage firm has upgraded Motherson Sumi to a buy with a target price to Rs 301. Bharat Forge, Apollo Tyres and Bajaj Auto are also very important players in the auto space.

Nomura has a target price of Rs 924 on Bharat Forge, Rs 302 on Apollo Tyres and Rs 4,847 on Bajaj Auto.