Auto Sales in India Jump in October, Rcom to Buy Sistema in $686 M

Sarla Buch
02 Nov, 2015
New York City

Maruti Suzuki, the largest auto maker in India said auto sales in October soared 29% and M&M total sales jumped 20%. Tata Motors passenger and commercial vehicles sales rose 1%. RCom agreed to acquire Sistema''''s Indian mobile phone unit of about $686 million.

[R]6:00 PM Mumbai, India – Maruti Suzuki, the largest auto maker in India said auto sales in October soared 29% and M&M total sales jumped 20%. Tata Motors passenger and commercial vehicles sales rose 1%. RCom agreed to acquire Sistema''s Indian mobile phone unit of about $686 million.[/R]

Stocks in Mumbai traded lower but two largest automakers reported strong sales increase in October.

Rupee weakened 32 paisa to 65.58 against one U.S. dollar.

The Sensex Index fell 97.68 or 0.4% to close at 26,559.15. The CNX Nifty slid 15 or 0.2% to 8,050.80.

Gainers & Losers

Adani Ports and Special Economic Zone Limited edged down 0.03% to ₹295.45 after the port services provider said net in the second-quarter jumped 16% from a year ago to ₹667 crore.

Net sales in the quarter increased 6% to ₹1,986 crore.

Greaves Cotton Limited soared 14.3% to ₹143.40 after net in the second-quarter surged 100% from a year ago to ₹54 crore.

Net revenues in the quarter decreased 3.6% to ₹425 crore.

Indian Overseas Bank plunged 11.3% to ₹31.05 after the financial services provider reported net loss in the second-quarter widened to ₹550.30 crore compared to ₹245.51 in a year ago period.

Mahindra & Mahindra Ltd advanced 2.3% to ₹1,209.15 after the largest tractor and vehicles maker said October total auto sales soared 20% to 51,383 units.

The tractor maker said domestic auto sales surged 21% to 48,815 units and exports increased 3% to 2,568 units.

Maruti Suzuki India Limited increased 1.1% to ₹4,495.35 after the largest automaker said total sales in October surged 29.1% to 134,209 units.

The automaker added domestic sales jumped 24.7% to 121,063 units and export soared 90.4% to 13,146 units.

Oriental Bank of Commerce jumped 8.1% to ₹145.80 after the financial services provider reported net in the second-quarter gained 3.4% from a year ago to ₹301.31 crore.

Net revenues in the quarter increased 2.4% to ₹5,454.13 crore.

Reliance Communications Limited gained 6.2% to ₹79.90 after the wireless telecommunication services provider agreed to acquire Russian conglomerate Sistema''s Indian mobile phone unit of about $686 million.

The Sistema also agreed to buy 10% stake in RCom at current prices of about $290 million.

Renaissance Jewellery Limited surged 19.7% to ₹91.30 after the jewellery maker said net in the second-quarter soared 183.8% from a year ago to ₹9.11 crore.

Net sales in the quarter advanced 12.3% to ₹302.86 crore.

Tata Motors Limited rose 0.7% to ₹387.20 after the truck and motor vehicle maker said in October total sales of passenger and commercial vehicles rose 1% to 43,486 units.