Indian car makers’ sales dip; smartphone market revives – Gulf Today

SourceGulf Today
SectorFinancial Markets
CountryGulf

Indian car makers’ sales dip; smartphone market revives 29 minutes ago The photo has been used for illustrative purposes. India’s major car makers reported weak sales in July. However, two-wheelers and tractors off-take on a sequential basis in July showed narrowing of the de-growth rate. Analysts said that the industry is still reeling under the impact of the COVID-19 outbreak. Automobile major Maruti Suzuki on Saturday reported a marginal year-on-year decline of 1.1 per cent in total sales during July 2020. Accordingly, the company’s total off-take declined to 108,064 units from 109,264 units sold during July 2019. The total sales include 100,000 units off-take in the domestic market and 1,307 units to other OEM. As per a company statement, exports during the period under review fell to 6,757 units from 9,258 units being shipped out in July...read more...