* Nov car sales zoom to record high; Maruti, Hyundai post double-digit growth*
This was the best November ever for carmakers, with cumulative despatches at India’s top 10 passenger vehicle makers jumping 31.7 per cent year-on-year (YoY) to 310,807 units last month as better availability of semiconductors enabled them to produce more. It was also the sixth straight month when domestic car sales zipped past 300,000 units. Auto firms in India count despatches to dealers as sales. The world’s fourth largest passenger vehicle market is well on its course to breach peak sales of calendar year 2018 and conclude the year ending December 31 with an estimated 3.8 million units, Shashank Srivastava, senior executive officer (marketing and sales) at Maruti Suzuki India told reporters. The previous highest was 3.3 million units in 2018. Carmakers' confidence of ending the year with record sales stems from a robust order book of 750,000 units for the industry, with Maruti’s share at 375,000 units.
* Petrol, diesel sales see double-digit growth in November as demand rises*
Petrol and diesel sales in India saw a double-digit year-on-year growth in November as increased demand from the agriculture sector helped build on the momentum generated by the festive season, preliminary industry data showed on Thursday. Petrol sales soared 11.7 per cent to 2.66 million tonnes in November, as compared to 2.38 million tonnes of consumption in the same month last year. Sales were 10.7 per cent higher than in COVID-marred November 2020 and 16.2 per cent more than in pre-pandemic November 2019. Month-on-month, the demand was up 1.3 per cent on the high-base festive season created in October. Diesel, the most used fuel in the country, posted a 27.6 per cent rise in sales in November to 7.32 million tonnes, as compared to the same month last year. Consumption was up 17.4 per cent over November 2020 and 9.4 per cent higher than pre-COVID 2019.
* Manufacturing PMI rises to 55.7 in Nov as factory activity hits 3-mth high*
India’s Purchasing Managers’ Index (PMI) for manufacturing rose slightly to 55.7 in November from 55.3 in October to post a three month high amid an increase in new orders and production, and a slowdown in inflation. The headline figure is above its long-run average of 53.7. The survey compiled by the rating agency - S&P Global, and released on Thursday reflected an improvement in employment and purchases by factories. A print above 50 in the survey indicates expansion in manufacturing activity. A score below that represents contraction. "Firms were strongly confident towards growth prospects, with optimism driving another round of job creation and restocking initiatives. Buying levels expanded at a marked and accelerated rate as firms also sought to benefit from relatively mild price pressures.
Gold – Rs 52928/10gm, Silver – Rs 63029/kg, Brcrude – Rs 6614/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 688/kg.
Adani group to refinance ACC, Ambuja Cement debt of $3.5 billion.
Larsen & Toubro closes $107 million sustainability-linked loan with SMBC.
Orchid Pharma board approves QIP programme to raise Rs 500 crore.
SGX Nifty indicates a flattish start to Indian markets trading at 18918 levels down by 0.30% or 57 points. Dow Jones ended in red yesterday down by 0.56% at close.
Sector in focus – Automobiles, Banks, Railways & Chemicals.