Auto Sales in January Down 14% on Low Sales in Two-wheeler, CV Categories, Says SIAM
Automobile sales in January 2020 fell 13.83% to 1.74 million vehicles, mainly due to dwindling sales in two-wheeler and commercial vehicle (CV) categories, shows data released by Society of Indian Automobile Manufacturers (SIAM). 
 
SIAM says, during January, two-wheelers registered sales of 1.34 million, down 16.06% over the same month past year, while CV sales fell by 14.04% to 75,289 units. While passenger vehicle (PV) sales continue to remain low at 263,000 units, down 6.20% from 280,000 units sold in January 2019, three-wheelers, however, recorded 12.70% growth at 60,903 units during January this year.
 
Commenting on the January sales and production data, Rajesh Menon, director general (DG) of SIAM says, "Wholesale sales continue to dip in all segments barring the three-wheelers segment."
 
 
On a cumulative basis, total auto sales during April 2019 to January 2020 period fell 15.55% to 18.9 million units. During the same period, passenger vehicle segment recorded a sales of 2.38 million units from 2.81 million units a year ago. 
 
Commercial vehicles sales are most affected during the current financial year. It recorded 20.33% fall to 646,000 units in April 2019 to January 2020 compared with 811,000 units during same period a year ago. 
 
Three-wheeler sales were marginally down to 568,000 units compared with 5.7 units in April-January 2019. Two-wheeler sales tumbled 15.83% to 1.52 million units in April-January 2020, compared with 1.81 million units in April-January 2019, the data shared by SIAM shows.
   
In a statement, Rajan Wadhera, president of SIAM says, "Sales of vehicles continue to be stressed due to rising cost of vehicle ownership and slower growth in gross domestic product (GDP). We are hopeful that the recent announcements from the government on infrastructure and rural economy would support growth of vehicle sales going forward, especially in commercial vehicle and two-wheeler segment."  
 
"The excellent response of consumers to Auto Expo 2020, should also help to build positive consumer sentiments and improve sales in the coming months. We as SIAM are also looking forward to early announcement of an incentive based scrappage policy in the context of the recent assurances of the government,” he added.
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    Govt set to privatise Central Electronics, invites bids by March 16
    The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100% stake with management control and has invited the Expression of Interest for the same by March 16.
     
    The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said.
     
    "The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said.
     
    The process for the transaction has been divided into two stages, namely, Stage I and Stage II.
     
    After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it gets offers from bidders.
     
    The government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal and it going out all guns blazing to meet that target after revising this fiscal target of Rs 1.05 lakh crore to Rs 65,000 crore.
     
    The Interested Bidders (which can also include employees of CEL) must have a minimum net worth of Rs 50 crore as on March 2019. DIPAM has released complete invitation Preliminary Information Memorandum (PIM) of CEL. Resurgent India Limited is the advisor to the Transaction.
     
    CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.
     
    More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015.
     
    Its solar products have been qualified to International Standards IEC 61215/61730. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.
     
    In the SWOT analysis of the CPSE, DIPAM has stated under weakness that "the company has weak financial loss due to past losses, high manufacturing cost and non payment of dues by state nodal agencies affecting the financial position of the company".
     
    The CPSE has adequate land for expansion, the SWOT analysis said adding "the CPSE faces threat of dumping of solar cells at very low rates which makes solar PV manufacturing industry unviable".
     
    Entry of new players in the market for solar products and railway signalling systems also is cited as a threat.
     
    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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    Jaipur receives UNESCO World Heritage City certificate
    Another feather was added to the cap of Pink City, as the capital of Rajasthan is known, renowned for its art, architecture and culture in the world, when Auditor General of UNESCO Audrey Azoulay presented the World Heritage City certificate to Minister of Urban Development Shanti Dhariwal, here on Wednesday.
     
    "I have brought a message from UNESCO's Paris headquarters. The global community has recognised the efforts of the people of Jaipur for preservation of cultural heritage. It's a matter of pride that Jaipur Parkota has been listed in the UNESCO World Heritage List. Jaipur is known for its specific planning. Its architecture, forts and palaces make it a wonderful city. But this inscription (to be included in the list of World Heritage City) is a joint commitment to preserve this cultural heritage for the future," Azoulay said.
     
    Stating that Jaipur has its own unique identity in all dimensions related to heritage, Azoulay said, the architecture reflected a spectacular inclusion of Persian, Mughal and Hindu designs. The Amber Fort was a perfect example of this, the UNESCO official added.
     
    He also appreciated the agreement signed between the Rajasthan Tourism Department and the UNESCO for heritage promotion in Western Rajasthan. It would give a new identity to the art and artists of the world, he added.
     
    Speaking at the event, Tourism Minister Vishvendra Singh said Jaipur was one of the best planned cities in the world and the most favoured destination for tourists visiting India.
     
    Singh said a new policy was in the process, which would take tourism in the state to a new height. New tourist circuits were being developed by coordinating wildlife, religion and heritage, he added.
     
    In West Rajasthan, 10 new cultural destination sites are being developed under the Intelligent Heritage Promotion Project. With the development of these cultural centres in Jodhpur, Barmer, Bikaner and Jaisalmer, tourism would get new impetus and local artists a new identity, he 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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