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