Fears that rising interest rates and a recent hike in gasoline prices would hurt sales of auto makers in the country appeared unfounded Wednesday as India’s top carmakers released sales figures for August .
Maruti Suzuki, the largest passenger car company by sales, reported a 32.9% growth in domestic car sales over a year earlier, its largest ever in a month, while TVS Motor Company, the third largest two-wheeler company, saw its moped sales improve 32% in the same month.
Auto Sales number for the month of August 2010 has come out today and all the company have hit the all time new high yet another time previous month .
Maruti Suzuki Maruti Suzuki India rose 1.29% as total vehicle sales grew 23.6% to 1.04 lakh in August 2010 over August 2009. This is the highest ever monthly sales recorded by the company.
TVS Motor Company rose 2.78% as total vehicle sales in August rose 34% to 170,735 units in August 2010 over August 2009. Total two wheeler sales grew 32% in August with sales of 1.67 lakh units in August 2010 over August 2009. Three-wheeler sales surged to 3,626 units, from 1,033 units in August 2009.
Increasing spending power and excitement created by model launches helped major automakers report robust growth in August sales on Wednesday with market leader Maruti Suzuki witnessing best ever monthly dispatches.
Automobile sales, which are usually down in the rainy season, continued to cruise with major firms, including Hyundai, Tata Motors and Hero Honda posting healthy sales in August, due to increased consumer confidence on the booming economy.
During the month, Maruti Suzuki posted its highest ever monthly sales at 1,04,791 units, a 23.56 per cent increase from 84,808 units in August 2009. The company also posted its best figure so far for the domestic market at 92,674 units, a 32.47 per cent increase from 69,961 units in August 2009.
Auto and cement stocks will be in focus as companies start unveiling sales data for the month just gone by.
Original Equipment Manufacturer Diesel Tanks
The United States Food and Drug Administration (US FDA) has issued a warning letter to Sun Pharmaceutical Industries for manufacturing practice violations at its Cranbury facility in New Jersey, USA. The decision is unlikely to have a significant impact on Sun Pharma's US operations, as the Cranbury plant manufacturers only limited products, mainly four or five controlled substance drugs or drugs that come under the narcotics category.Sun Pharma said in a statement that it plans to respond to the US FDA within 15 days and would work cooperatively and expeditiously to resolve the matters mentioned in the letter. Sun Pharma also maintained its consolidated sales growth guidance for the current fiscal year to March 2011. It said last month it expected to meet its guidance of 18% to 20% revenue growth in 2010-11.
Nifty was down 21.55 points or 0.40% at 5393.90. About 735 shares advanced, 2330 shares declined, and 317 shares remain unchanged.
In the largecap space, Ranbaxy Labs, Mahindra and Mahindra, ITC, Maruti Suzuki and Ambuja Cements were up 1-2%. On the losing side, Jaiprakash Associates, Reliance Communications, HCL Tech, Reliance Industries and Jindal Steel were down 3-4%.
Original Equipment Manufacturer Diesel Tanks
Index heavyweight Reliance was trading at Rs 916.50 down 3.3% from its previous close of Rs 947.75. Refinery major HPCL was trading at Rs 521.45 down 2.24% from its previous close of Rs 533.40. Tech major Infosys was trading at Rs 2,677.25 down 0.7% from its previous close of Rs 2,696.00.
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