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Auto retail sales outlook signals mixed trend in July, say dealers
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Auto retail grows 34% year-on-year in July but still lags pre-pandemic sales levels
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Auto retail shows signs of recovery in June, industry expects further improvement in July
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Auto retailers lobby writes to FM, RBI governor to request loan moratorium
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Synopsis
Retailers, or dealers, make an upfront payment to automakers while purchasing vehicles and this is usually funded through loans with a payment cycle of 30-90 days. Localised lockdowns across the country means that the inventory hasn’t been sold within the expected period, dealers argue, impacting their ability to make good on their payments to lenders.
Agencies
Dealers said that if the situation persisted beyond May, many would find themselves in trouble with a shortage of working capital as fixed costs like rent and salaries continue.
Domestic indices traded in a narrow range with modest gains in mid-afternoon trade. The Nifty hovered around the 14,950 level. All sectoral indices on the NSE traded in the green. At 14:25 IST, the barometer index, the S&P BSE Sensex, rose 343.89 points or 0.70% to 49,550.50. The Nifty 50 index rallied 123.05 points or 0.83% at 14,946.65.
In the broader market, the S&P BSE Mid-Cap index added 0.9% while the S&P BSE Small-Cap index rose 1.1%.
The market breadth was strong. On the BSE, 2,065 shares rose and 981 shares fell. A total of 224 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 15,83,34,639 with 32,93,120 deaths. India reported 37,45,237 active cases of COVID-19 infection and 2,46,116 deaths while 1,86,71,222 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.