Tag : robust

Chennai: The Indian automobile industry has posted robust growth last month with passenger/commercial vehicles and two-wheelers logging growth while the tractor segment lagged behind. Passenger car majors clocked total sales of over 3.43 lakh last month as compared to July last year. The commercial vehicle's sector maintained robust growth momentum, driven by strong demand in both passenger and cargo segments, said Emkay Global Financial Services. Similarly, the passenger and two-wheelers makers also showed growth owing to higher production and inventory build up with dealers in the run-up to festive season, Emkay Global said. In comparison, tractor volumes declined notably due to a high base and uneven spread of the monsoon season. "We expect the industry volume to improve gradually every month over the next 3-4 months backed festival season kicking in now," Mitul Shah, Head of Research at Reliance (NS:RELI) Securities said in a report. According to Shah, the softening commodity prices and stable fuel prices would support industry ahead and the sector to log double digit growth in FY23. Car industry leader Maruti Suzuki (NS:MRTI) India Ltd closed July, selling 175,916 units (domestic 145,666 units, sales to other vehicle maker 9,939 units, exports 20,311 units) as against July 2021 numbers of 162,462 units (domestic 133,732 units, OEM sales 4,738 units, exports 21,224 units). The second largest car maker, Hyundai Motor India Ltd, registered 63,851 units (domestic 50,500 units, exports 13,351 units) last month as against 60,249 units (domestic 48,042 units, exports 12, 207 units) in July 2021. Tarun Garg, Director, Sales, Marketing & Service, Hyundai Motor India: "With the improvement in the semiconductor situation, the passen ...