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Maruti shows the way, sales rise after 7 months



Domestic wholesales at India’s largest carmaker, Maruti Suzuki India Ltd, rose 4.5% in October from the year earlier, the firm said on Friday, to become the first automobile manufacturer in the country to report growth amid an economic downturn.

Maruti Suzuki’s despatches to dealers stood at 144,277 units in October compared to 138,100 units in the same month last year. Its despatches of passenger vehicles rose 2.3% to 139,121, growing for the first time since March. In September, the carmaker had reported a 27% fall in despatches.

This is the first instance in FY20 where the carmaker has reported positive year-on-year (y-o-y) growth, partly triggered by a surge in festive demand and partly on account of a low base from last year.

It was the only carmaker to report wholesale growth on Friday, driven by increased despatches of its compact cars, utility vehicles (UVs) and its light commercial vehicles, even as its entry-level, or the most affordable category, continued to report a y-o-y decline. It sells WagonR, Celerio, Swift, Swift Dzire, Baleno and Ignis models in its compact portfolio. Its UVs comprise Vitara Brezza, S-Cross, Ertiga and XL6.

Maruti Suzuki has also supplied 2,727 units of its compact hatchback Baleno to Toyota Kirloskar Motor Pvt. Ltd, which sells a rebadged version as Glanza.

“The retail sales were far better than the wholesales and the company delivered close to 48,000 cars on Dhanteras alone. This was the highest single-day deliveries in the past 3-4 years,” Shashank Srivastava, head, sales and marketing, Maruti Suzuki, said in an interview.

Srivastava added that festive retail sales this year saw double-digit growth over last year. “The newly launched S-Presso model has now accumulated more than 20,000 bookings, averaging about 750-800 units per day,” he added.

While Maruti Suzuki plans to roll back its discounting initiatives November onwards, Srivastava said certain promotional schemes will continue in order to attract customers to showrooms.

Monthly wholesale figures reported by other carmakers on Friday were more muted than Maruti Suzuki’s.

The country’s second-largest carmaker, Hyundai Motor India Ltd, reported total domestic passenger vehicle wholesales of 50,010 units, down 4% y-o-y.

Gaurav Vangaal, country lead, light vehicle production forecasting, IHS Markit, said: “Retail sales are directly linked with the festive demand even as wholesales continue to post y-o-y decline on inventory correction measures by the carmakers. The retail uptick is a clear result of pent up demand for cars as buyers were delaying their purchases on several factors.” Vangaal suggested that Maruti Suzuki’s early move to cut production and correct its inventory across dealerships resulted in it registering positive wholesales for October.

Mahindra and Mahindra Ltd (M&M) reported passenger vehicle wholesales of 18,460 units, down 23% y-o-y. However, Veejay Ram Nakra, chief of sales and marketing, automotive division, M&M, said retail volumes exceeded wholesales by almost 40% last month. “Our billing numbers are in line with what we had planned for the month, since the objective was to significantly correct our channel inventory,” he added.

Retail sales in October were highest ever for any month for M&M, said managing director Pawan Goenka. “I hope the retail momentum in October is an indicator of sentiment turning positive,” he tweeted.

Stressing on the importance of reporting retail figures, Anand Mahindra, chairman, Mahindra Group, said: “The industry really needs to switch to reporting retail and not wholesale volumes. There are some strong signs of life in the market. And pipeline stocks have been slashed by controlling billings to dealers. Very appropriate stock levels now.”

At 13,169 units, Tata Motors’ passenger vehicle wholesales were down 28% y-o-y. In a statement, Mayank Pareek, president, passenger vehicles business unit, said that retail sales were 36% more than wholesales, and the company has reduced its network stock by 38%.



Breaking News: Silicon Valley Bank’s Collapse Sends Shockwaves Through Financial World – Is India’s Banking System Next to Crumble?



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Are Indian Banks Ready to Face the Heat of Rising Interest Rates?

As Silicon Valley Bank (SVB) faces the heat of collapsing amidst rising domestic interest rates, Indian banks are left wondering if they are next in line. With the Indian economy still recovering from the COVID-19 pandemic, the prospect of rising interest rates could lead to a devastating blow to the country’s banking sector. Will Indian banks be able to weather the storm or will they collapse like SVB?

Indian banks have already faced a tumultuous few years with multiple frauds and defaults taking place, leaving many questioning their resilience. With the Reserve Bank of India (RBI) indicating that it may hike interest rates in the near future, the pressure on Indian banks is set to increase. The question remains – are Indian banks prepared to face the heat of rising interest rates or will they buckle under the pressure? Only time will tell.

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Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G



Photo by Rehan Fazal on Unsplash

From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.

“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.

Source: IndianExpress

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Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year



Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

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