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Domestic sales of passenger cars in India broke a nine-month winning streak in August, while motorcycle volumes dropped for the first time since January 2009, the Society of Indian Automobile Manufacturers (SIAM) said on Monday
Elevated interest rates, high fuel prices, a general economic slowdown and labour strife at market leader Maruti were among the factors that drove car sales down in August.
Automakers sold 118,142 cars in August, down 18.6% from a year ago, according to SIAM data.
Sales of motorcycles fell 8.5% to 766,127 vehicles.
Truck and bus sales stood at 66,767 vehicles, up 3.9% from last year.
Total two-wheeler sales in August 2012 were down 4.5% at 10,57,925 units as against 11,07,782 units sold in August 2011.
Total automobile sales dropped by 3.9% to 13,54,436 units in August 2012 versus 14,09,412 units sold in the year-ago month, SIAM data showed today.
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India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.