Domestic passenger car sales in September grew the slowest in 11 years

Domestic passenger car sales in September grew the slowest in 11 years

Wednesday, Oct 10, 2012 SIAM CUTS CAR SALES TARGET TO 1-3% FROM 9-11%   Domestic passenger car sales in September grew the slowest in 11 years. Though Utility Vehicle sales continued to zoom, sales of hatchbacks and sedans were in a slow lane. In September, domestic sales fell 5.4%, the second consecutive monthly decline, while motorcycle segment dipped 18.85%. Society of Indian Automobile Manufacturers (SIAM) cuts future targets drastically. Now, passenger cars would grow by as low as 1-3%, a huge drop from July's forecast of 9-11% and the total market growth is pegged at 8-10% as against previous forecast of 11-13%. SIAM also said that as of now the industry is short of a whopping $34 billion of its 2016 target of $145 bn. read more

 

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TOP STORIES • India becoming more imp on G20 stage: Bernanke   • India Inc at table with Geithner & Bernanke   • Net direct tax collections rise 16% in April-Sept   • Kejriwal expose: DLF loses $1 bn mktcap in 3 days   • Gold ETFs: Investor wealth hits record of Rs 11,198 cr   • IFFCO to set up $1.2 bn urea plant in Canada   • Reliance Gas pipeline permit axed: Govt   • Toyota to recall 8,700 Corolla, Camry cars in India   • Kingfisher Airlines CEO urges staff to return to work   • Re loses 33 paise at 53.05/$ on heavy dollar demand   • India loses $40 bn a year due to corrosion in infra   • Subhiksha's Subramanian returns after 3-yr absence   • S&P affirms negative outlook on 7 PSU banks   • HSBC EMI shows India expands more than China   • Price war: Dish TV offers basic channels for free   • Mukesh Ambani richest Indian with wealth of $19.3 bn   • Recession eroded $12 tn of household wealth globally   • EADS, BAE call off world's biggest arms merger   • iPhone 5 India launch seen likely on Oct 26   • 2 American scientists win 2012 Nobel for chemistry   more stories TOP VIDEOS Investors Can't Calculate Cost Of Investment With Retro Tax Laws. Happy With What Shome Panel Has Recommended: Harish Salve, Senior Advocate, Supreme Court   Unlimited QE3, ECB Bond Purchases, Bailout Of Countries Largely Discounted By Market: Marc Faber, Editor, Gloom Boom & Doom Report   In An Exclusive Interview The Congress Chief Minister Of Kerala Oommen Chandy Tells CNBC-TV18 That His State Will Not Welcome 51% FDI In Multi-Brand Retail

AT A GLANCE BSE 18631.1 -162.26 NSE 5652.15 -52.45 TURNOVER Rs. 150,339 cr BSE CASH Rs. 2,001 cr NSE CASH Rs. 10,314 cr NSE F&O Rs. 117,418 cr BULLION GOLD 31422 +101 SILVER 62024 +349 CRUDE NYMEX 93.18 +0.79 BRENT 114.73 +0.23 FOREX $ / Re 53.045 +0.33 £ / Re 84.852 +0.59 € / Re 68.29 +0.46 EVENTS TO WATCH 11 October Hyderabad Investment Summit 2012 Organized By FAPCCI, ISB, Hyderabad 12 October IIP August Data Q2 Earnings: Infosys, HDFC Bank 15 October Petrol Dealers Threaten To Work For 8 Hours Q2 Earnings: RIL 15-16 October Second International Banking Summit, Organized By FT & Yes Bank, The Trident, Mumbai 22 October FM To Meet Sushil Modi, Chairman, Empowered Committee of State FM To Clear GST Passage

EXPERT VIEWS

"It is worth repeating that mindless atmosphere of negativity and pessimism that is sought to be created over the issue of corruption can do us no good...Experience has shown that big ticket corruption is mostly related to operations by large commercial entities. It is proposed to include corporate failure to prevent bribery as a new offence."

Manmohan Singh
Prime Minister

"The current trend...is a clear indication that the market has slowed down far beyond our earlier projections therefore if that kind of a trend continues we do believe that FY13 passenger vehicle growth will be around 8-9% but the passenger cars we are talking about 1-3% which is a significant drop. I must also add that the utility vehicles have done exceedingly well therefore utility vehicle sales are compensating for the passenger car sales drop."

S Sandilya
President, SIAM

"A downgrade is likely if the country's economic growth prospects dim, its external position deteriorates, its political climate worsens, or fiscal reforms slow."

Standard & Poor's
Report On India

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