Auto Parts Makers in Top Gear on Higher Auto Sales in May
Resource from: CBCC Likes:2941
Jun 07,2010
Subros (up 5.24%), Amtek Auto (up 2.40%), Steel Strips Wheel (up 2.22%), Bharat Forge (up 2.11%), Sona Koyo Steering, (up 2.36%), Ahmednagar Forging (up 2.62%), Bharat Seats (up 1.80%), Automotive Axles (up 1.14%), Exide Industries (up 1.12%) and Lumax Industries (up 0.85%), edged higher.
Auto sales rose despite recent price increases and a partial withdrawal of government stimulus measures in February 2010. The auto industry expects consumer demand to sustain following the overall economic expansion.
India's leading car maker by sales Maruti Suzuki India reported its highest-ever monthly sales in May 2010. The company's domestic sales rose 27.20% to 90,041 units in May 2010 over May 2009. This is highest ever monthly domestic sales. Its exports jumped 33.50% to 12,134 units in May 2010 over May 2009.
Tata Motors' total vehicle sales rose 41% to 56,779 units in May 2010 over May 2009. Domestic sales grew an annual 38% to 52,801 units, while exports surged 120% to 3,978 units in May 2010 over May 2009. The company sold 31,475 units of commercial vehicles in the domestic market last month, up 36.82% from 23,004 units sold in May last year.
Hero Honda's sales rose 14% to 4,35,933 units in May 2010 over May 2009. This is its highest ever monthly sales of Hero Honda.
Bajaj Auto's total vehicle sales increased 62% to 2.99 lakh units in May 2010 over May 2009. Motorcycle sales grew 63% to 2,69,488 units, while three wheeler sales rose 52% to 29,954 units in May 2010 over May 2009. Exports jumped 64% to 95,964 units.
TVS Motor Company's total two wheeler sales grew 30% to 1,54,667 units in May 2010 over May 2009.
Automobile sales in India has been growing since early 2009, helped by the government's stimulus measures, easier availability of finance and the launch of several new models. Sales growth is not showing any signs of cooling off, even after the government rolled back some tax incentives, while most auto makers raised prices in 2010 to offset a rise in taxes and input costs.
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