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Automobile sales continue on their growth path

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Hyundai-Motor-India
Chennai, 01 Nov 2016 : Domestic sales of automobiles were on the growth path last month (October) with most of the major players in different segments logging growth over corresponding month of the previous year and experts confident the trend is expected to continue.

However the lower exports dragged down the overall sales of major players in the passenger car segment.

“Passenger cars and two wheelers sales continue to grow. This is backed by positive customer sentiments and better in hand cash flows to support their discretionary spends. Overall we should see good growth this year in all the vehicle categories,” said Abdul Majeed, Partner- Price Waterhouse and an auto expert.

According to him, medium and heavy commercial vehicles will bounce back once demand for freight movement picks up.

India’s largest passenger car maker Maruti Suzuki India Ltd said it closed last month selling 133,793 units (domestic 123,764 units, exports 10,029 units) last month as against 134,209 units (domestic 121,063 units, exports 13,146 units) sold during October 2015.

The company saw sales decline in its mini (Alto, WagonR), compact (Swift, Ritz, Celerio, Baleno, Dzire) super compact (Dzire Tour) and van (Omni, Eeco) segments, but on the other hand, sales of its utility vehicles (Gypsy, Ertiga, S-Cross, Vitara, Brezza) zoomed to 18,008 units last month, up from 9,435 units sold in October 2015.

Similarly Hyundai Motor India Ltd said it sold 64,372 units (domestic 50,016 units, exports 14,356 units) in October, up from 61,701 units (domestic 47,105 units, exports 14,686 units) sold during October 2015.

“Hyundai with a highest-ever domestic volume of 50,016 units registered record cumulative sales of 64,372 units in October 2016.

“Hyundai achieved the highest and fastest domestic sales of 50,000 units mark within 15 months from the earlier milestone of 40,000 units,” MD and CEO Y.K.Koo was quoted as saying in the statement.

On its part, Tata Motors Ltd said it sold 16,311 passenger vehicles up from 12,747 units sold during October 2015.

Tata Motors closed last month with a total sales of 52,813 units as against 43,486 units sold during the corresponding period of the previous year.

Smaller player in the Indian car market Volkswagen Passenger Cars India sold 5,534 units last month as compared to 3,255 units in the corresponding month the previous year.

In the two-wheeler segment, high capacity motorbike maker Eicher Motors Ltd increased its sales volumes by 33 per cent to 59,127 units as compared to 44,522 units sold during October 2015.

Bulk of the sales for Eicher Motors came from two-wheelers with engine capacity up to 350 cc (55,188 units) while vehicles with more than 350cc engine capacity accounted for 3,939 units sold last month.

Commercial vehicles major Ashok Leyland sold 12,533 units, up from 9,803 units sold in October 2015.

The other major commercial vehicles player Tata Motors logged 15 per cent growth selling 30,169 units last month.

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Business

McDonald’s CEO fired over relationship with employee

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San Francisco, 4 Nov : Fast food giant McDonald’s has fired its CEO Steve Easterbrook after its board of directors found that he “demonstrated poor judgment” in a consensual relationship with an unidentified employee, the media has reported.

McDonald’s Corporation on Sunday announced that its Board of Directors has named Chris Kempczinski, most recently President, McDonald’s USA, as President and CEO, effective immediately. Kempczinski has also been elected to the McDonald’s Board of Directors.

“Kempczinski succeeds Steve Easterbrook, who has separated from the company following the board’s determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” the fast food giant said in a statement.

According to MarketWatch, Easterbrook sent an e-mail with a memo to employees acknowledging the relationship and said it was a mistake, Efe news agency reported. “Given the values of the company, I agree with the board that it is time for me to move on,” he said in the letter.

McDonald’s said it voted to approve Easterbrook’s departure last Friday after conducting a thorough analysis of the situation, and his compensation details will be known on Monday after the submission of documents to federal authorities.

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Business

Now DGCA tells GoAir to change engines in 13 aircraft

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New Delhi, 29 Oct : The country’s civil aviation regulator — the Directorate General of Civil Aviation (DGCA) — has instructed GoAir to install at least one modified engine in 13 of its A320neo aircraft within the next 15 days.

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Bonanza for stock markets in the works; DDT to be scrapped

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New Delhi, 29 Oct : A bonanza is in the offing for the stock markets as the Prime Minister’s Office (PMO) and the Finance Ministry are working on measures which may include dividend distribution tax (DDT) to be scrapped and a review of existing slabs and holding period of long term capital gains (LTCG), short term capital gains (STCG) and securities transaction tax (STT).

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