Most top automakers have seen respectable sales in November. That’s in contrast to October, when they fell 24%. One exception in November sales was Maruti Suzuki, which continued to see sales contract because it’s still recovering from labour unrest at its factories. The company’s sales dropped 19% to 82,870 units.
Other firms fared much better, with Hyundai Motor selling 11% more vehicles, amounting to a total of 35,000 units. And Tata Motors saw an 81% rise in its November sales to 27,737 units.
New models and discounts on petrol variants helped drive the November sales. But most car companies remain cautious about the future. Indeed, though Maruti expects production to recover fully, chairman R.C. Bhargava says the company is just trying to match the previous year’s sales numbers.
In other news, while economic growth is slowing down, the good news is that food inflation also seems to be moderating. India’s food price index rose just 8% in the period to 19 November. The previous week it was a full one percentage point higher at 9.01%. Thursday’s figures are the lowest for food inflation in four months.
And finally, Indian markets took off on Thursday in a bull run that brought the Sensex to its highest close in two weeks. The index surged 360 points to 16,483. And its rival, the Nifty, gained 105 to 4,937.