New Delhi: Auto sales have grown at double-digit rates in November despite the rise in interest rates. Maruti Suzuki’s sold 102,503 units, a rise of 34.2%. And Hyundai Motor India’s domestic sales went up 12% percent to 31,540 vehicles. Tata Motors on the other hand, saw a 26% percent fall in passenger car sales to15,340 units.
The bad news for Tata Motors came on the back of poor sales of the Nano car. The company sold just 509 Nanos in all of November, making it the fifth continuous month of decline.
Manufacturing grew at its fastest pace in six months this November. The HSBC Markit Purchasing Managers Index for the month stood at 58.4. That’s compared to 57.2 in October. Any figure above fifty on the index indicates a gain. And November is 20th straight month of expansion.
Meanwhile, India’s exports have grown at a healthy pace, while its trade deficit has fallen. Exports in October went up 21.3% to $18 billion. Imports meanwhile grew just 6.8% to $27.7 billion, their slowest pace in seven years. That meant a trade deficit of $9.7 billion.
India’s trade deficit had shot up to a$3 billion back in August, the highest in almost two years. The government says the country’s trade deficit for the entire fiscal could reach $135 billion.
And finally, Indian markets shot up on Wednesday, helped along by robust GDP growth figures. The Sensex gained 329 to end at 19,850. And the Nifty ended trade 98 points higher at 5,961.