Companies & Sectors
Passenger car sales up 10 percent in November: SIAM
Low interest and fuel costs coupled with pent-up demand accelerated domestic passenger car sales by 10.39 percent last month, industry data showed on Friday.
 
According to the data furnished by the Society of Indian Automobile Manufacturers (SIAM), passenger car sales during November stood at 173,111 units against 156,811 units in the like month of the previous year. 
 
"Passenger vehicles are growing due to positive factors such as low interest rate, lower fuel prices, including the pent-up demand," said Abdul Majeed, partner and auto expert with PriceWaterhouse.
 
"OEM’s (original equipment manufacturer) are playing their part with exciting launches at very attractive prices and deep discounts on some name plates." 
 
The data revealed that the total passenger vehicle sales, which include cars, utility vehicles and vans, went up by 11.40 percent to 236,664 units during the month under review from 212,437 units sold in November, 2014.
 
Sales of utility vehicles rose by 19.65 percent to 48,880 units. However, the off-take of vans declined by 0.69 percent to 14,673 units. 
 
The industry data for last month showed a 8.56 percent growth in the overall commercial vehicles segment sales, which is a key indicator of economic activity. 
 
The commercial vehicles segment off-take for November stood at 51,766 units, up from 47,686 units sold during the corresponding month of 2014.
 
Sales of three-wheelers rose by 8.33 percent in the month under review at 45,235 units from 41,755 units sold in November of 2014.
 
Sales of the overall two-wheelers segment which includes off-take for scooters, motorcycles and mopeds inched up by 1.47 percent to 1,320,561 units from 1,301,434 units sold in the like month of 2014.
 
On product specific basis, scooter segments' sales in November grew by 2.45 percent at 396,024 units. Motorcycle segment reported a rise of 1.58 percent at 866,705 units.
 
However, moped segments' sales declined by 6.16 percent at 57,832 units during the period under review.
 
In addition, overall exports across categories, too, declined during the month under review. It was lower by 17.61 percent at 275,639 units sold abroad from 334,552 units shipped out during November, 2014.
 
Total automobile sales in November were higher by 3.18 percent at 1,654,226 units from 1,603,312 units sold in the corresponding month of 2014.
 
"In order to have a sustained growth in the Indian automotive industry, it is absolutely necessary to have a robust growth in the overall economy which in turn depends lot more on the next level of reforms including introduction of GST (Goods and Services Tax bill)," Majeed added.
 
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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70-75 percent chance of US Fed hike, RBI ready: Rajan
RBI Governor Raghuram Rajan on Friday said there was a 70-75 percent possibility that the US Federal Reserve would raise interest rates in its monetary policy review later this month.
 
"There is 70-75 percent possibility that the rates would be increased," Rajan told reporters here.
 
"The (US) Fed has prepared the ground and we are expecting that it will raise the rates anywhere between one and 25 basis points. Whatever decision the Fed takes, we are prepared for any eventuality," Rajan said after the Reserve Bank of India (RBI) Board of Governors meeting.
 
RBI deputy governor Urjit Patel said it was "almost certain" the US central bank would raise interest rates.
 
"Analysing the language used by the Fed, we expect that interest rates will be raised," Patel said.
 
At its latest policy review earlier this month, the RBI held its repo rate at 6.75 percent, having made a reduction of 50 basis in the previous policy review on September 29.
 
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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Bihar ex-MP Shahabuddin gets life imprisonment
Former MP Mohammad Shahabuddin and three others were were sentenced to life imprisonment by a Bihar court on Friday for giving an acid bath to two brothers and murdering them 11 years ago, a lawyer said.
 
Shahabuddin has been languishing in jail for several years in connection with several serious criminal cases.
 
Last Wednesday, the court convicted Shahabuddin and the three others accused in the case.
 
Shahabuddin was convicted on charges of criminal conspiracy, kidnapping and murder.
 
Additional District Judge of Siwan Special Court Ajay Kumar Srivastava pronounced the judgement and termed it as the rarest of the rare case.
 
According to a police officer, the court found Shahabuddin guilty in a 2004 case in which he and his men were charged with giving an acid bath to two brothers - Girish Raj and Satish Raj - and murdering them.
 
Shahabuddin's son Osama has also been charged with killing of a local BJP leader Rajiv Roshan, who was a witness in the same murder case.
 
The two brothers were kidnapped at Shahabuddin's behest and drenched in acid before being murdered.
 
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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