Festival season fails to perk up car saleshttps://indianexpress.com/article/news-archive/web/festival-season-fails-to-perk-up-car-sales/

Festival season fails to perk up car sales

Tata,M&M see sharp drop; two-wheelers see rise.

Carmakers suffered post-festive season pangs in November,with major companies such as Maruti Suzuki India,Hyundai Motor India,Tata Motors and Mahindra & Mahindra reporting a fall in domestic sales.

Honda Cars India and Ford,however,reported an increase in sales during the month,riding on successful models Amaze and EcoSport,respectively. The country’s largest carmaker,Maruti Suzuki India posted a decline of 6 per cent in its domestic sales to 85,510 units during the month. Rival Hyundai Motor India saw domestic sales fall 4 per cent at 33,501 units.

General Motors India also reported a 14.14 per cent year-on-year decline in sales at 6,214 units. Ford said its domestic sales grew 33 per cent to 7,909 units last month.

Tata Motors’ domestic car sales in November this year also slipped by over 40 per cent year-on-year to 10,376 units,while Mahindra & Mahindra witnessed a 32 per cent drop.

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“Post the festive season,the auto industry has turned to further de-growth and continues to remain subdued,” said M&M CEO-automotive Praveen Shah said.

Two-wheeler makers,including Hero MotoCorp,Honda Motorcycle and Yamaha,reported sales growth in November. TVS Motors,though reported a decline in sales. Market leader Hero MotoCorp reported a 5.61 per cent year-on-year rise in total sales at 5,30,530 units in November while Honda Motorcycle & Scooter posted a 43 per cent jump in sales at 3,19,080 units. However,TVS Motor’s total sales dipped 9.88 per cent to 1,35,218 units.

FMC asks NSEL to reconstitute auction panel with more powers

New Delhi: Commodity markets regulator Forward Markets Commission on Monday asked crisis-hit National Spot Exchange Ltd (NSEL) to reconstitute the committee set up to oversee auction-cum-bidding process and give more powers to the panel to monitor the entire cash flow.

Two months ago,FMC had asked the bourse to set up a committee to oversee auction-cum-bidding process of stocks at warehouses of NSEL,which is engulfed in a payment crisis of Rs 5,600 crore after the exchange was shut following a government order due to violation of some norms.

Besides monitoring the entire cash flow of NSEL,the panel would assist FMC in ensuring that no third party rights on its assets are created or disposed of without the permission of the regulator. PTI