New Delhi: Domestic automobile sales continue to break record numbers with the Society of Indian Automobile Manufacturers (SIAM) today stating that the total vehicles sold in the country during August at 12,63,293 units was the highest ever achieved in a month, bettering the mark set in July this year reports PTI.
The industry had clocked total sales of 12,37,461 units in July this year. On the back of the continued robust growth, SIAM said auto sales will exceed the forecast it had made earlier this fiscal.
The overall vehicle sold in the domestic market during August grew by 25.24% from 10,08,712 units in the same month last year.
SIAM said the record number in August was driven by best ever monthly sales achieved in passenger cars, passenger vehicles, two-wheelers and multi-utility vehicles segments.
"The fundamentals of the economy continue to be strong and consumer confidence is high. These are driving the growth of sales of vehicles, mainly in the personal usage segments," SIAM director general Vishnu Mathur told reporters here.
According to SIAM, domestic passenger car sales jumped by 33.24% to 1,60,794 units in August compared to 1,20,681 units in the same month last year. The August sales was the best ever monthly sales, bettering the previous best of 1,58,764 units in July this year.
Similarly, motorcycle sales of 7,27,542 units, up 19.04% to from 6,11,168 units in the same month last year, was also a record. The previous highest of 7,25,311 units was achieved in May this year.
Total two-wheeler sales of 9,57,304 units in August, up 23.24% to from 7,76,772 units in the same month last year, was also a record. The previous best was in July this year at 9,38,514 units.
Sales of commercial vehicles jumped by 28.12% to 52,030 units from 40,609 units in the year-ago period.
Mr Mathur said with sales continuing to be robust, SIAM expects the industry to exceed its predictions made earlier this year.
SIAM had forecast that passenger vehicles sales to grow around 13% this fiscal, which is now witnessing a growth of around 30%.
"Similarly, utility vehicles are growing at around 17% as against a forecast of 14%," he said, adding the commercial vehicles segment is also growing at 24% as against a forecast of 19%-20% for 2010-11.
During August, the country's largest carmaker Maruti Suzuki India posted domestic sales of 78,351 units, up 24.31% from the same month last year, SIAM said.
Hyundai Motor India had sales of 28,601 units, up 17.21% from August last year. Tata Motors had sales of 22,312 units, up 51.21% from the year ago period.
In the motorcycles segment, market leader Hero Honda witnessed a marginal decline at 3,86,574 units from 3,89,814 units in the same month last year.
Rival Bajaj Auto on the other hand, gained handsomely at 2,09,567 units, up 72.27% from the same month last year. TVS Motor Co had sales of 49,630 units, up 22.51% from the same month last year.
According to the SIAM data, scooters segment grew by 43.63% at 1,70,482 units during August. The growth was led by Honda Motorcycle and Scooter India with sales of 74,405 units, up 27.72% from the year-ago period.
Hero Honda's scooter sales were at 26,588 units, up 43.63%, while that of TVS Motor Company were at 39,171 units, up 41.53% from August last year.
Mr Mathur said despite marginal increase on interest, sales are expected to continue to be robust.
"Slight marginal increase in interest rates are only disruptive, it is not going to hamper growth," he said, however, adding with the base effect showing a decline there could be a moderation of growth rate.
He said already the commercial vehicles segment is witnessing a moderation in sales growth after hitting a peak in March this year with the highest ever monthly sales of 67,362 units.
During August, the three-wheeler segment registered sales of 49,732 units as against 39,207 units in the same month last year, up 26.84%, SIAM said.
On 3rd September, here is what we said in the report regarding steelmaker Prakash Industries, citing research from reputed institutional brokers such as Edelweiss: The company has a 100MW captive power unit. Prakash is also setting up a 625MW power plant. It has been operating a coal mine in Chotia, Chhattisgarh, since 2006. The mine has B grade reserves of about 50 million tonnes (MT) with current extraction of about 1 mtpa.
We did not have any notion of any wrongdoing in this respect. We also reiterate that we have not recommended the stock in any way in this article. The purpose of the article was to throw some light on an otherwise not widely-tracked stock, citing available research.
Here is the clarification put out by Prakash Industries, reproduced verbatim: "The extraction of coal, its quantity, grade and usage are being verified every year by the Office of the Coal Controller, Government of India, State Mining Department and other Government agencies from time to time. After meeting out the coal requirements of Sponge Iron Plant the left out middlings are being used for captive power plant requirements. Company has to buy coal through E-Auction to meet with its requirement for additional expansion in Sponge Iron Plant."
Allergan has pleaded guilty for its “off-label” promotion of Botox and has agreed to pay $600 million to settle charges in a longstanding federal investigation. But the Botox maker maintains that the drug is safe and says many people have taken it with no problems
Allergan Inc, a multi-specialty healthcare company, has agreed to pay $600 million to settle federal charges for “illegally promoting and selling” Botox through 2005 for “unapproved uses” like treating headaches.
According to ConsumerAffairs.com, the US Food and Drug Administration (FDA) had approved Botox only for use in rare conditions but the company had vigorously promoted it for “off-label uses”, including relief from headaches, pain, spasticity and juvenile cerebral palsy. Off-label use is the practice of prescribing pharmaceuticals for an unapproved indication.
US attorney Sally Yates has been quoted as saying that Allergan made it a top corporate priority to maximise sales of far more lucrative off-label uses that were not approved by the FDA. Yates further says, “Allergan further demanded tremendous growth in these off-label sales year after year, even when there was little clinical evidence that these uses were effective.”
Botox is designed to block nerve impulses to certain muscles, causing them to relax. The product is approved to treat uncontrolled muscle contractions of the neck and shoulder muscles. Botox is also approved for cosmetic use to treat wrinkles between the eyebrows and to help control excessive underarm sweating.
In some cases, the toxic, active ingredient in Botox — a derivative of botulism toxin Type A, one of the deadliest poisons known — can affect respiratory muscles and cause difficulty in swallowing, a condition known as dysphagia. The product warns doctors and consumers of that side effect.
The FDA said that it appears the active ingredient in Botox can spread from distant parts of the body — such as children’s leg muscles — to muscles that affect breathing.
The company, based in Irvine, California, was named in both civil and criminal complaints filed in the US District Court in Atlanta.
Allergan, on its website, has agreed to plead guilty to a single misdemeanour “misbranding” charge covering the period 2000 through 2005 and pay to the government $375 million. This misbranding charge is known as a strict liability offence. A prescription drug is considered misbranded when its labelling does not contain adequate directions for its “intended uses”.
In addition, Allergan has agreed to pay $225 million to resolve civil claims asserted by the US Department of Justice under the civil False Claims Act. The civil settlement is an element of a global settlement that Allergan believes is in the best interest of its stockholders.
The Botox maker said, “As part of its plea, Allergan has agreed that between 2000 through 2005, its marketing of Botox resulted in intended uses for the therapeutic treatment of headache, pain, spasticity and juvenile cerebral palsy. These uses were off-label during the relevant time frame and thus the labelling for Botox did not bear directions for these intended uses, resulting in the product being misbranded.”
In March 2010, the US FDA approved Botox for the treatment of increased muscle stiffness in the elbow, wrist and fingers in adults with upper-limb spasticity. The label now included directions for that use, it added.
Allergan denies liability associated with these civil allegations and does not believe there is merit in them factually or legally, said the company in a statement.
However, if one glances through ConsumerAffairs.com, a series of cases have been mentioned against the company. The sites states that Botox users are pursuing a class action lawsuit against Allergan, claiming the company failed to adequately warn users of the drug’s dangers. The suit, filed in July 2008, claims the toxin-based drug killed at least three people, including a seven-year-old girl with cerebral palsy who got Botox injections to help control spasticity in her limbs.
The US FDA said in February that Botox was being injected at an alarming rate among children, especially those who are being treated for limb spasticity associated with cerebral palsy.
It noted that neither Botox nor a similar product, Myobloc, was approved for such use in the US and said there have been deaths associated with the usage of the two treatments among children.
The FDA said in February 2008 that it knew of no deaths among adults but the class action, filed in California's Orange County Superior Court, said a 69-year-old Texas nurse and a 71-year-old woman both died after receiving Botox injections.
The nurse had been receiving injections for neck and shoulder pain, while the 71-year-old, who lived in Arizona, was taking Botox at a mall clinic for wrinkles around her mouth. The suit says she had trouble breathing and swallowing after the treatment and died a short time later.
All three of the cases involved uses of Botox that are not approved by the US FDA.The suit also charges that Botox left at least 12 other patients with a range of disabilities, including some who were taking the drug for approved uses, such as smoothing frown lines.