Auto sales fall 19.08% in February
The commercial vehicles segment suffered the steepest fall at 32.90%. The latest worry for the industry is the disruption in the supply of auto parts from China due to the coronavirus outbreak.
The commercial vehicles segment suffered the steepest fall at 32.90%. The latest worry for the industry is the disruption in the supply of auto parts from China due to the coronavirus outbreak.
The IMF attributed the change in its outlook mainly to sharper than expected slowdown in domestic demand amid the turmoil in the non-banking financial companies (NBFCs) sector.
Notwithstanding headline inflation being at a five-year high of 7.4%, Nomura expects the RBI to extend its pause; but the next policy move is still likely to be a rate cut in Q2 to boost growth.
Total industry sales, however, fell nearly 13%, according to SIAM data.
Slowing consumer expenditure and falling demand from small business is beginning to show on Bajaj Finance, considered one of the strongest non-banking finance companies in the business.
Volume growth for the quarter was 7%, its lowest in six quarters.
According to the latest figures released by SIAM on Monday, sales of passenger cars—the largest segment by volumes—dropped 6.87% from a year ago.
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Q2 sees robust growth in domestic consumer business, and jump in home care segment profit.