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M&M auto sector sales up by 18pct in November
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Monday, 03 Dec 2012
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PTI reported that Mahindra & Mahindra’s vehicle sales rose 18% to 48,143 units in November compared with 40,722 sold during the same month a year ago.

According to a statement issued by the company, the company’s domestic sales rose 23% to 46,755 vehicles (38,159 in November 2011) during the month under review. Its passenger vehicles segment posted a 38% growth at 24,604 units in November 2012.

Mr Pravin Shah CEO of Mahindra & Mahindra said that "We are happy to maintain our growth trend on the back of our portfolio of products, especially the Quanto which has crossed more than 12,000 bookings in just over 2 months."

The 4 wheeler commercial segment, which includes the passenger and load categories, posted 7% growth at 14,353 units, while the 3 wheeler segment grew by 17% at 6,867 units in November. The company’s exports for the month stood at 1,388 units.

Mr Shah said that "The recently announced GDP numbers are in line with expectations and we do not foresee any immediate impact on the monetary policy. Till there is a decrease in interest rates for corporate or retail credits, financing rates will remain high for auto customers, which is a cause of concern. However, we expect interest rates to reduce during the last quarter of the current financial year."

Source - PTI

(www.steelguru.com)

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