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The Indian automakers see robust growth in their sales as the festive season has arrived in India. The shortage of semiconductors which crippled the industry for the last two years is finally easing. 

With things turning positive for the industry, here are two auto stocks that are at a 52-week high after reporting a strong auto sales number in August and analysts see a further upside of up to 43%: 

Mahindra & Mahindra Limited  

The shares of the auto giant opened at Rs 1,318 and zoomed by 1 per cent to reach its new 52-week high of Rs 1,330.65 in the early hours on Friday. In the past month the stock has added approximately 6 per cent and so far this year it has delivered 60 per cent returns to its investors. 

This comes after the company announced that its sales for the month of august stood at 59,049, up 93.07 per cent from the 30,585 units that it sold in a similar period last year. 

IDBI Capital remains bullish on the stock and has a ‘Buy’ rating for the stock with a target price of Rs 1,765 which represents an upside of 33% from the current levels. 

Mahindra & Mahindra Limited (M&M), part of the Mahindra Group, is one of the largest vehicle manufacturers by production in India. Its subsidiary Mahindra Tractors is the largest manufacturer of tractors in the world by volume. 

TVS Motor Company Limited  

The shares of the two-wheeler giant crossed the Rs 1,000 mark for the first time on Thursday. Continuing the uptrend, the stock opened at Rs 1,022 and zoomed by 1.5 per cent to reach its new 52-week high of Rs 1,037.45 in the early hours on Friday. In the past month the stock has added approximately 10 per cent and so far this year it has delivered 64 per cent returns to its investors. 

The stock prices reached a new milestone after the company reported a 15 per cent growth in total sales at 3,33,787 units for August 2022 up from 2,90,694 units in August 2021. 

Jefferies is bullish on the stock and has a ‘Buy’ rating for the stock with a target price of Rs 1,450 which represents an upside of 43% from the current levels. 

TVS Motor Company (TVS), a part of the TVS group, is the third largest motorcycle company in India and also the second largest two-wheeler exporter. 

Written by – Anoushka Roy

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