Maruti Suzuki India, one of the leading automobile manufacturers in the country, has reported a significant increase in the production of passenger vehicles for the month of March. The company produced 1.63 lakh units of passenger vehicles, compared to 1.50 lakh units produced last year. The total production volume also saw a rise, with 1.67 lakh units being produced in March, as opposed to 1.54 lakh units in the same period last year.
On the other hand, Ashok Leyland, a prominent player in the commercial vehicle segment, reported a decline in total domestic vehicle sales for the month of March. The company sold 21,317 units, down 7% year-on-year, compared to 22,885 units sold in March last year. The total domestic plus export vehicle sales also witnessed a decrease, with 22,866 units being sold, down 4% from 23,926 units in the same period last year.
Aditya Birla Fashion has announced its plans to vertically demerge its Madura Fashion and Lifestyle business into a separate listed company. This strategic move is aimed at enhancing the focus and efficiency of the business operations.
Hero MotoCorp, a leading two-wheeler manufacturer, recorded a decrease in total sales for the month of March. The company sold 4.9 lakh units, compared to 5.19 lakh units in the same period last year. Motorcycle sales also saw a decline, with 4.57 lakh units being sold, as opposed to 4.86 lakh units sold last year.
JTL Industries reported its highest-ever annual sales volume of 3,41,846 MT, marking a significant increase of 42.25% from the previous fiscal year. This impressive growth reflects the company’s strong performance and market presence.
In other news, AU Small Finance Bank has announced the merger of Fincare Small Finance Bank with itself, while NMDC reported a decrease in production and sales for the month of March. Infosys received a tax demand order worth Rs 341 crore for FY20-21, and TVS Motor reported a growth in total sales, with motorcycle sales witnessing a significant increase.
Overall, the Indian automobile and finance sectors are witnessing a mix of challenges and opportunities, with companies implementing strategic moves to navigate the changing market dynamics.
