The Indian automobile industry has reported enhanced performance in all sectors during March 2009. The industry has seen a massive growth in the two-wheeler and car segment.
It is believed that exports from Maruti-Suzuki and Hyundai showed a tremendous growth with their penetration in the European market. In the domestic market both passenger cars and utility vehicles has reported high sales. The key factor that has contributed to the high sales of utility vehicles is the upcoming national elections.
In the domestic market Hyundai reported decline of domestic car sales and Maruti Suzuki reported 21.9% rise in sales. Furthermore, even Mahindra & Mahindra also reported high sales with a rise of 9.4% in its domestic sales.
Medium and heavy commercial vehicles are also on a gradual recovery phase and fortunately this segment is greatly influenced by the elections. Light Commercial Vehicle segment is also in a secular growth phase and is expected to reach good sales by the end of 2009.
Recently on the Bombay Stock Exchange auto sector was down with 0.87%. The top losers were Bharat Forge with -5.63%, Bajaj Auto with -4.02% and Mahindra & Mahindra with -3.15%. However, Escorts, Cummins India, and Amtek Auto gained the most with 6.21%, 5.41%, and 4.74% respectively.