Maruti bets big on rural demand to drive sales
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Maruti Suzuki India is hoping that declining trend in fuel prices and robust rural demand will lift passenger vehicle sales in the remaining months of FY19, a senior company executive said on Wednesday. Petrol prices in New Delhi have come down 10% since hitting record Rs 84/litre on October 4. The domestic auto sales were hit during the festival season by Kerala floods, increase in insurance premium and liquidity crunch in the market.
Maruti Suzuki India is hoping that declining trend in fuel prices and robust rural demand will lift passenger vehicle sales in the remaining months of FY19, a senior company executive said on Wednesday. Petrol prices in New Delhi have come down 10% since hitting record Rs 84/litre on October 4. The domestic auto sales were hit during the festival season by Kerala floods, increase in insurance premium and liquidity crunch in the market.
Kalsi said that sales picked up during the Diwali week as compared to Navratras but was far off from festive-period buoyancy in the market. “Dhanteras and Diwali fared better than Navratras period. But it wasn’t in line with our expectations,” Kalsi added. According to car dealers, Diwali festival sales were down 15-20% y-o-y across manufacturers. MSIL on Wednesday launched an all-new version of its mid-size multi purpose vehicle (MPV) Ertiga with a starting at Rs 7.44 lakh.
The petrol variants, including two automatic transmission trims, are powered by an all-new 1.5 litre engine and are priced between Rs 7.44 lakh to Rs 9.95 lakh. The diesel variants have the same 1.3 litre engine as the earlier version and are tagged between Rs 8.84 lakh to Rs 10.9 lakh.
MSIL has invested over Rs 900 crore in the development of the new Ertiga. It will take on the likes of Honda BR-V and Mahindra Marazzo in the mass market MPV space, which are available in a price range of Rs 9.45 lakh and Rs 13.9 lakh.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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