Cars Sales Up 8.28% In June, Maruti Leads
Driven by market leader Maruti Suzuki India, car sales in the country grew 8.28 % to 1,55,763 units in June 2012 amid tough market conditions. According to figures released by the Society of Indian Automobile Manufacturers (SIAM) today domestic car sales stood at 1,43,851 units in the same month last year.
"June car sales grew because of the low base in last year due to industrial problems at some manufacturers' plants. So this has been reflected in this year's figure," SIAM Senior Director Sugato Sen told reporters here.
In June this year, Maruti Suzuki India (MSI) sold 70,977 units, up 23.11 %, as against 57,653 units in the same month last year. Rival Hyundai Motor India posted a marginal increase in sales to 30,363 units in June this year, as against 30,302 units last year. Tata Motors, on the other hand, witnessed a decline of 26.6 % to 13,595 units, from 18,522 units in June 2011.
"Overall, there is moderation in sales growth and reasons, we all know, are high petrol prices and interest rates. For the future, we are optimistic as interest rates are stable and we hope that they will come down," SIAM President S Sandilya said.
However, in terms of volumes, car sales in June this year were the lowest since October 2011 which stood at 1,38,095 units.
Audi Closes In On BMW As Race For Top Slot Hots Up
The race for the top slot in the Indian luxury car market is hotting up with German maker Audi fast catching up with leader BMW after surpassing compatriot Mercedes Benz in April-June period this year.
According to figures released by Society of Indian Automobile Manufacturers (SIAM), Audi's sales in the first three months of the fiscal have jumped by 52.15 % to 1,908 units from 1,254 units in the year-ago period.On the other hand, sales of market leader BMW declined by 12.16 % to 2,088 units as against 2,377 units in the same period last year, it added. The second largest luxury car maker Mercedes Benz too witnessed 24.41 % fall in its sales at 1,257 units compared to 1,663 units in April-June in 2011.
Two-wheeler sales grow 9.2%
According to the SIAM data, Overall, Total two-wheeler sales in June this year grew 9.2 per cent to 11,69,733 units from 10,71,161 units in the same month last year.
Motorcycle sales grew 6.58 per cent during June this year to 8,79,713 units from 8,25,388 units in the same month last year. Market leader Hero MotoCorp posted sales of 4,89,505 units during the month as against 4,66,501, up 4.93 per cent.
Bajaj Auto sales in June stood at 2,11,510 compared to 2,08,883 units in the same months last year, up 1.25 per cent. Honda Motorcycle and Scooter India (HMSI) registered sales of 95,315 units during the month against 61,435 units in June last year. TVS Motor sales, on the other hand, were at 44,375 units compared to 50,835 units in June last year.
Ministries Differ On Spectrum Mortgage Pact
The ministries of finance and telecom have not been able to finalise terms of an agreement that will facilitate funding from banks for spectrum auction to be held before August 31. According to official sources, Finance Ministry has asked the Telecom Ministry to assign spectrum in the name of lenders to allow them to sell the airwaves if the spectrum winner defaults on payment later. The "Department of Financial Services has written to Department of Telecom that it will be necessary to assign spectrum allotted to operators in favour of lenders to boost confidence among lenders, but it has not been incorporated in the proposed tripartite agreement (TPA)," the sources said.
Singapore Top Destination For Indian Investment
Singapore has emerged as the most sought after destination for foreign direct investment by Indian companies, which invested over USD 500 million there in May. According to a study from industry body Assocham, of the total outward investment of USD 2.35 billion in May, Singapore accounted for about a fourth of the total outflows. The US, the UK, Hong Kong, the UAE, the Philippines and Mauritius were the other favourite destinations.
Thomas Cook Partners With Expedia To Offer Visa Services
Thomas Cook's (India) business division Thomas Cook Visa & Passport Services has tied up with online travel company Expedia India to provide a range of visa assistance services to its customers in the country.