Ashok Leyland declares no-working day in 5 factories
Ashok Leyland on Monday declared a 'no-working day' for five of its factories across India, days after it reported a sharp drop of 47 per cent in its sales for the month of August.
 
The commercial vehicle major said that "due to weak demand of our products" the company will see "non-working days" at various plant "locations during September 2019".
 
At Ennore in Chennai, the number of non-working says would be 16, at Hosur 1, 2, CPPS it would be 5 while at Alwar, Rajasthan it would be 10.
 
At Bhandara, Maharashtra the number of non-working days will be 10, while for Pantnagar in UP, it will be 18.
 
In a statement issued earlier, the company said that it sold a total of 9,231 units in August, down from 17,386 units sold during the corresponding month in 2018.
 
The company's sales of goods carriers -- light, medium and heavy trucks -- came down to 7,432 units last month from 15,945 units sold in August 2018.
 
On the other hand, bus sales last month went up to 1,799 units from 1,441 units sold in August 2018.
 
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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    Reverse Gear: August auto sales slump 23.55%
    The slump in domestic automobile sector continued unabated in August as the overall sectoral off-take plunged 23.55 per cent.
     
    The industry which is suffering from high GST rate and lack of adequate liquidity had recorded a slump of 18.71 per cent in July, the highest monthly sales de-growth in the last 19 years.
     
    On Monday, data furnished by the Society of Indian Automobile Manufacturers (SIAM), showed that total sales of the Indian automobile sector declined by 23.55 per cent during July to 1,821,490 units, from 2,382,436 units sold during the corresponding month of the previous year.
     
    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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    COMMENTS

    Arumugaraja A

    2 weeks ago

    If sales is down, auto companies need to reduce the price and give incentives to boost sales. But here we have auto CEOs whining and cribbing.

    HAYATH M S

    2 weeks ago

    Those who pay 30% income tax they should be fully exempted from any kind of tax , than economy will start again,

    REPLY

    Arumugaraja A

    In Reply to HAYATH M S 2 weeks ago

    In Western world, Government gives back the income tax in the form of social benefits after 65 age. Nothing like that in India.

    gcmbinty

    2 weeks ago

    What has been the state of inventory of automobile industry, segmentwise, w.e.f. July 2019

    Raheja Developers from NCR under Insolvency; Home-buyers Asked To Submit Claims
    The National Company Law Tribunal (NCLT) has begun insolvency proceeding against real estate company Raheja Developers Ltd from the National Capital Region (NCR). As a part of the process, a public notice has been issued informing creditors to submit their claims against the NCR-based developer.
     
    The NCLT admitted and initiated the insolvency proceedings following a plea by one of the flat-buyers last month. An interim resolution professional (IRP) has also been appointed by the bankruptcy court to take over the Raheja Developer’s management.
     
    Besides, the NCLT has declared a moratorium, protecting the company from lenders by restricting them from recovering the amount for a certain period. It has directed the previous management to provide all relevant documents in their possession and furnish all information.
     
    This comes after Raheja Developers failed to fulfil a flat-buyer's agreement according to which they were to deliver possession of flats within a period of 36 months from 3 August 2012, when it had issued a joint allotment letter.
     
    The NCLT observed that the 36-month period came to an end on 3 August 2015, and the construction was not completed.
     
    Homebuyers, who have been allotted flat by Raheja Developers in NCR region, can approach any of the three IRPs, Mukul Kumar, Parveen Kumar Garg and Alok Kumar Kuchhal. (see image below for more details)
     
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    COMMENTS

    gcmbinty

    2 weeks ago

    How Rahejas' have claimed insolvency? What about the diversion of investors' (property buyers') money that these people might have indulged in? Their reserves and the assets as on the date the project was announced and the stage at which they are seeking insolvency should be declared.

    Haripada bera

    2 weeks ago

    Ok

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