Base effect hits March vehicle sales, YoY off-take up
Even as the base effect and consumer caution ahead of the general elections dampened March sales of some vehicles, the year-on-year (YoY) off-take remained positive.
 
On Monday, automobile major Maruti Suzuki India reported a marginal 1.6 per cent slip in sales, including exports, for March to 158,076 units from 160,598 units in the year-ago period.
 
"The company ended 2018-19 with its highest ever total sales of 1,862,449 units -- a growth of 4.7 per cent. It comprises the highest domestic sales of 1,753,700 units. The export sales were 108,749 units," the company said in a statement.
 
Hyundai Motor India (HMIL) reported a 1.1 per cent rise in sales, including exports, for March to 61,150 units from 60,507 in the corresponding period last year.
 
But it sold 7,07,348 units in FY19, which is a 2.5 per cent increase from the 6,90,184 units sold in FY18.
 
Vikas Jain, National Sales Head, Hyundai Motor India, said: "We closed FY19 on a positive note with a 1.7 per cent growth and the highest domestic volume of 545,153 units, exceeding our customer aspirations."
 
Similarly, Mahindra and Mahindra (M&M) reported a marginal pick up in off-take of 62,952 units in March against 62,076 units sold during the same month last year.
 
Automobile major Tata Motors' sales dropped by 1 per cent in March to 68,709 units against 69,409 units sold in the same month of 2018.
 
"Tata Motors' commercial and passenger vehicles business sales in the domestic market for FY19 grew 16 per cent with 678,486 units against 586,507 units over the same period last year," the company said in a statement.
 
Two- and three-wheeler major TVS Motor Company' sales too inched lower to 325,345 units last month against 326,667 units sold in March 2018.
 
"During FY19, two-wheeler sales of the company grew by 12 per cent to 37.57 lakh units, increasing from 33.67 lakh units registered in FY18," the company said in a statement. Three-wheeler sales of the company grew by 59 per cent to 1.56 lakh units in FY19 from 0.99 lakh units in FY18.
 
Two-wheeler major Hero MotoCorp said it despatched 581,279 units in March. "Our March sales have been lower due to a conscious effort to bring down the inventory in the system," Hero MotoCorp said. However, YoY the company's sales stood at 7,820,745 units.
 
According to Ashish Modani, Vice-President & Co-Head -- Corporate Ratings, ICRA, in line with our expectations, passenger vehicle demand remained muted in March. High base of Q1FY19 and cautious customer sentiments ahead of the general elections will continue to weigh during Q1FY20."
 
Sridhar V, Partner, Grant Thornton India, said: "March sales of passenger cars have shown a marginal growth on a YoY basis. However, February had seen a high single-digit growth, driven primarily by new launches, discounts and an incremental demand anticipating a price hike from April 1." 
 
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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    Finally, GIFT City PIL about IL&FS Mismanagement Heard after 3 Years, Matter Posted for 3rd April
    After three years, the public interest litigation (PIL) filed by Dr DC Anjaria, former independent director and former audit committee chairman of Gujarat International Finance Tec-City—GIFT City—was heard on Monday. The single bench of the Gujarat High Court posted the matter for hearing on Wednesday. It may be recalled that Dr Anjaria had alleged widespread mismanagement of this marquee project by the failed Infrastructure Leasing and Financial Services (IL&FS). Moneylife was the first to report this. 
     
    During the hearing on Monday, the bench wanted to know Dr Anjaria’s standing and whether he could be considered an ‘interested party’ since he was a director on the board of GIFT City. 
     
    Responding to the query, the counsel for Dr Anjaria stated that his client has done the duty of informing the chairman and directors of GIFT City and also the shareholders and government of Gujarat. After failing to see any action, Dr Anjaria brought the matter in public domain by filing the PIL, the counsel said.
     
    Dr Anjaria also clarified that his PIL was not against the government but against GIFT City and the company's beleaguered parent IL&FS and its chairman and management.
     
    The PIL had alleged that this Rs70,000-crore GIFT-City project had virtually been gifted away to the private sector partner, IL&FS, leading to massive losses to the government and the people. He also alleged falsification in accounts and incorrect recording of audit committee meeting at GIFT-City.
     
    Last year in October, Dr Anjaria, who originally designed the concept of GIFT City, had filed a civil application seeking investigation of GIFT-City by Serious Fraud Investigation Office (SFIO), as has been ordered by the NCLT (National Consumer Law Tribunal) with respect to IL&FS.
     
    In his civil application to the 2016 Writ petition No 260 of 2015 (PIL), he says, "...in view of findings of regional director, ministry of corporate affairs (MCA), Mumbai, that affairs of IL&FS and its group companies are carried out prejudicial to public interest, the affairs of GIFT-City are also required to be investigated by SFIO for two reasons. 
     
    "Firstly, IL&FS has a 50% stake in GIFT-City and there it is part of the one of the group companies of IL&FS. Secondly, three senior directors on the board of GIFT-City are also part of board of directors removed by the National Company Law Tribunal (NCLT) at Mumbai. They are Hari Sankaran, K Ramchand and Arun Saha. The presence of these three persons on the board of GIFT-City is apparently inimical to the public interest,” Dr Anjaria added.
     
    Hearing on this PIL will continue on 3 April 2109.
     
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    TCS expands digital transformation partnership with Dutch insurer VIVAT
    Tata Consultancy Services, a leading global lT (information technology) services, consulting and business solutions organisation, has announced the expansion of its partnership with Dutch insurance firm VIVAT, the parent company of insurance brands Zwitserleven and Reaal, to leverage TCS' strategic consulting services, thought leadership, and innovation. 
     
    The new partnership will build on the success TCS has achieved with VIVAT since the two companies started working together in 2074. TCS has been helping the insurer in its various digital transformation initiatives, including the consolidation of VIVATs customer data on a single CRM platform, which will lead to service improvements across the customer lifecycle.
     
    Marcel van de Lustgraaf, General Manager DTC of VIVAT, said, "Our long-term goal at VIVAT is to be a leading digital-first insurance provider in the Netherlands.
    ln today's business environment, this means adopting an ambitious digital transformation agenda to provide our customers with the personalised service they expect and deserve. TCS has been indispensable in helping us build a solid digital foundation for our business, and we look forward to working with them to develop exciting new value propositions for our customers."
     
    "Forward looking insurance companies like VIVAT are investing in technology to deliver superior customer experiences and gain competitive differentiation in the Business 4.0 era," said Hemakiran Gupta, BFSI - Business Unit Head - North West Europe, ICS "We are excited to continue to be their strategic and transformation partner in their journey to become the most customer-friendly insurer in the Netherlands."
     
    VIVATs brands collectively have over 150 years of expertise in the life insurance, pension, travel insurance, car insurance and asset management sectors, and are unified by its mission statement of making its customers' financial choices easy. With a balance sheet of over Euro 56 billion, VIVAT is one of the largest insurance and asset management companies in the Netherlands.
     
    TCS works with top insurers around the world, providing innovative solutions and digital transformation services that addresses business challenges such as rising customer and agent expectations, new risks such as cyber security, legacy system maintenance, increasing regulatory compliances, and the rise of non-traditional competitors. TCS has been repeatedly ranked a leader in various industry analyst assessments of digital capabilities in the insurance domain.
     
    TCS has been present in the Netherlands and Benelux region since 1992, and has continuously invested in the local market to build a strong reputation for superior outcomes and customer satisfaction. TCS works with over 80 customers in the wider Benelux region, including three of the top five banks in the region, and KLM, Netherlands' flagship airline.
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