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Auto stocks down on fall in November sales
December, 11th 2008
Automobile stocks were down on Wednesday, going against the market upside. In the Sensex, Tata Motors was down almost 3 per cent at Rs 147.50, followed by passenger car major Maruti Suzuki, which lost nearly 2 per cent to trade at Rs 489.50. Utility vehicle maker Mahindra & Mahindra was lower by 2 per cent at Rs 243.30, while two-wheeler leader Bajaj Auto was weaker by almost 1 per cent at Rs 327. The losses can be attributed to car sales falling by 19.4 percent to 83,059 units in November, with high borrowing costs, tight credit and a slowing economy weighing on demand. Sales of trucks and buses fell to 20,637 units in November, down 49.5 percent from a year earlier, the Society of Indian Automobile Manufacturers said. The market has shrugged off future sales prospects with companies across the sector cutting prices of vehicles after the government reduced CENVAT as part of a stimulus package. However, Hero Honda Motors was in the green, up 0.57 per cent at Rs 795.90. The two-wheeler major has reduced prices in the range of Rs 1,000 to Rs 2,000 across its product portfolio. The government on Sunday announced a 4 percent cut in central value-added tax on all products other than petroleum, as part of a stimulus package to boost the slowing economy. Bajaj Auto, Maruti Suzuki India, Hyundai Motor India and Honda Siel Cars India announced price cuts earlier in the week.
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