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LANCO opens negotiations with buyers for Karnataka power plant Plans to double trade with Latin America Singapore Airlines prefers Airbus Renault revving up small car launch Fox Star Studios to tie-up with Bolly-wood and Kollywood Carlyle invests in Trehanís Medanta Medical Centre TCS, Indiaís biggest block buster Automobile sector in slump... Capital Notes Excise duty may halt the war in SUV market TVS bullish on the two wheeler market? Airlines hit by service tax on lease Infosys not to cut prices Hunt for new finance secretary on... Smartphone prices may change Flipkart India in the red by Rs 280 crore Kolkata kisses goodbye to Ambi? Aircraft lessors to get protection from defaulting airlines Vodafone to buy out minority shareholders Lanco to sell Australian acquisition Vodafone slapped with tax notice of Rs 3700 crore Urja Sangam in Delhi Hyundai Grand i10 awaiting launch Trends point to a hung assembly Wal-Mart studying FDI norms post split with Bharti While MoTown is on a tailspin, the telecom sector is staging a rally SpiceJet in the news again GMR to raise US $ 250 mn thru QIP Canada screams over IT outsourcing to India Latin America beckons India for investments Jet-Etihad Rs 2000 plus crore deal to be cleared ONGC to draw down on reserves to meet CAPEX needs German envoy Steiner caps a language row How important is Modiís German visit...
 
Automobile sector in slump...
Passenger vehicle sales in the first three quarters of this fiscal year declined by nearly 6 per cent to 1.83 million units. -Vishnu Mathur

India’s automobile industry, which is in a slump, may have to wait till the second half of the fiscal to bounce back. The industry will end the current fiscal with a ten year low in sales turnover.

“Generally negative feelings seem to have kicked off the downturn in the industry following the slackness in the economy, and we expect growth to return only in the 2nd half of the next fiscal,” said Vishnu Mathur, Director General of SIAM. GDP growth rate is below the 5 per cent mark this fiscal, the lowest in a decade. The downturn in the economy has been

characterised by high inflation, high borrowing costs and rising fuel prices. With fuel cost being the main reason behind postponement in buying a vehicle, passenger vehicle sales in the first three quarters of this fiscal declined by nearly 6 per cent to 1.83 million units as compared to the earlier period.  In December last year, vehicle sales fell by 9 per cent even as overall automobile sales including scooters and motor cycles dropped 1.21 per cent to 1.43 million units.

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