Companies & Sectors
Automobile manufacturer's post healthy July sales
Indian automobile manufacturers saw higher sales in July with industry experts attributing the acceleration in demand to good monsoon and positive consumer sentiments.
 
“The automotive industry is in the recovering phase, with good monsoon and positive customer sentiments, the growth this year is expected to be better than last year,” said Abdul Majeed, Partner with Price Waterhouse.
 
Passenger cars, utility vehicles and two wheeler manufacturer's reported positive sales growth for last month, whereas a leading commercial vehicle maker's off-take declined.
 
The country's largest carmaker Maruti Suzuki reported a 12.7 per cent increase in its total sales for last month.
 
The company sold 1,37,116 units during the month under review -- up from 1,21,712 units sold in the same month last year.
 
It also posted its highest ever monthly domestic sales for the month. The sales surged by 13.9 per cent to 1,25,778 units, from 1,10,405 units sold in the July 2015.
 
Exports during the month increased marginally by 0.3 percent to 11,338 units as compared to 11,307 units in July last year.
 
The second largest car maker Hyundai Motor reported an overall sales growth of 10.7 per cent, with total sales for the last month at 55,807 units, as against 50,411 units sold in the corresponding month of 2015.
 
The automobile manufacturer's domestic sales grew by 12.9 per cent and exports rose by five per cent during July 2015.
 
Another major automobile manufacturer Tata Motors' passenger and commercial vehicle sales including exports edged higher by seven per cent to 43,160 vehicles.
 
The company's domestic sales of commercial and passenger vehicles grew by eight per cent to 37,789 units.
 
Mahindra and Mahindra's (M&M) total sales rose by 14 per cent.
 
The company sold 39,458 units during the month under review from an off-take of 34,652 units during the corresponding period of last year.
 
In addition, the company's exports surged by 16 per cent to 4,153 units from 3,565 units shipped-out during July 2015.
 
Ford India's total sales grew to 17,742 units in July 2016, up from 13,116 units sold in the like month in the previous fiscal. The company's domestic sales grew to 7,076 vehicles, while exports grew to 10,666 vehicles.
 
Eicher Motors logged 31 per cent sales growth, selling 53,378 units in July 2015 from 40,760 units sold in the corresponding month last year. The exports of the company rose by 40 per cent.
 
In two wheeler segment, Hero MotoCorp's overall sales grew by 9.13 per cent. 
 
According to the company, its total sales for the last month stood at 532,113 units of two-wheelers -- up from 487,580 units sold in the corresponding month of 2015.
 
However, commercial vehicles major Ashok Leyland logged a five per cent drop in sales volume last month selling 10,492 units, down from 11,054 units sold in July 2015.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Enforcement Directorate arrests two ex-CFOs of First Leasing
The Enforcement Directorate (ED) on Monday said it has arrested two senior former employees of non-banking finance company (NBFC) First Leasing Company of India Ltd in the over Rs.500 crore bank fraud case.
 
In a statement issued here, the ED said it has arrested S.Dilliraj, former Vice President and Chief Financial Officer (CFO) and L.Sivaramakrishnan, another former CFO, under the provisions of Prevention of Money Laundering Act.
 
The ED had registered a money laundering case against First Lasing and others in relation to a case registered by the Central Bureau of Investigation (CBI) for cheating IDBI Bank and State Bank of India to the extent of over Rs 500 crore.
 
The ED had earlier arrested Farouk Irani, former Managing Director of the company and properties worth Rs 51 crore were attached.
 
According to ED, Dilliraj and Sivaramakrishnan had admitted their role in fudging of First Leasing accounts to obtain undue bank loans and enriching themselves and others like Irani.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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33 complaints received against Patanjali ads
Over 30 complaints against advertisements of yoga guru Ramdev's Patanjali Ayurved Ltd were received between April 2015 and July 2016, parliament was told on Monday.
 
In total there were 33 complaints received during last one year against Patanjali for self regulation of advertising content as per the findings of Consumer Complaints Council (CCC), Minister of State for Information and Broadcasting Rajyavardhan Rathore told the Lok Sabha in a written reply.
 
The Department of Consumer Affairs has informed that 17 out of 21 advertisements complained against were considered to be in violation of Advertising Standards Council of India (ASCI) code, he said.
 
"Six product packaging communications were also considered to be in violation of ASCI code for self regulation of advertising content," the minister said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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