Shares in Nifty rose 0.8 percent on Wednesday to breach the 6,000 mark for the first time in two years after the US House of Representatives approved a deal on the so-called fiscal cliff, sparking broad-based buying.
Automobile manufacturers in India seem to have ended 2012 on a dull note, as most players in the sector have reported a drop in sales in December 2012, year on year.
Tata Steel Managing Director HM Nerurkar yesterday said the steel sector in the country is doing well as compared to rest of the world despite the slowdown.
Mercedes-Benz India has announced it is raising the prices of its vehicles from 1-3 per cent with effect from January 14, 2013.
The shares in the entire Indian auto industry space — vehicle manufacturers and makers of auto components, including tyres and batteries — have put up a paradoxical show in 2012.
In the domestic market, homegrown auto major from India has clocked a 6.06 percent surge in sales to 42,307 units during the month compared to 39,891 units in the year-ago period.
Honda Cars India, which sold 1,072 vehicles in the corresponding month of 2011, sold 4,242 units in December 2012.
GM India was of the opinion that the Indian auto market was not expected to turn around in the short term.
Tata Motors report total sales of commercial vehicles as well as passenger cars at 65,582 units (including exports) during December 2012.
December 2012 has proved lucky for Bajaj Auto which has reported highest ever sale.
Impacted by the slowdown of the commercial vehicle space in India, Eicher branded trucks and buses have recorded a sales of 4,032 units in December 2012, which is 20 percent lower the year ago period.
Perturbed with pathetic returns from private equity investments in India, global institutional investors in these funds are now opting to go it alone.
PSA Peugeot Citroen, the automobile major from France has lost a third of the land allotted to the company in Sanand by the Gujarat Government, apparently after waiting for well over a year for payments, the latter sold around 200 acres of the 584 acres to other players.
Leading Indian Industry body, the Associated Chambers of Commerce and Industry (ASSOCHAM) has said that the country's growth is unlikely to cross the six percent market during the current fiscal, thanks to the global uncertainties.
Currently, Renault sells five models, including compact car Pulse, SUV Duster and sedan Scala.
