Automakers like Maruti Suzuki, Tata Motors, and Hyundai had a great day on Monday, the first day of the Navratri festival. They experienced record Auto Sales as the new GST reform began, aligning with the start of the Indian festival season.
India’s largest carmaker, Maruti Suzuki, reported retail sales of over 25,000 units on Monday and expects that number to reach 30,000 soon. The company also noted it received around 80,000 customer inquiries on that day.
30,000 auto sales on Navratri Day 1 breaks 35 year record
“The response from customers has been incredible—something we haven’t seen in the last 35 years. On the very first day, we recorded 80,000 inquiries and already delivered over 25,000 cars, with deliveries expected to reach 30,000 shortly,” said Partho Banerjee, Senior Executive Officer of Marketing and Sales at Maruti Suzuki, in an interview with ANI.
The pre-owned car market also saw significant activity on the first day of the Navratri festival. The implementation of the new GST reform started on a record-breaking note. Cars24 reported an amazing 400% increase in car deliveries by 2 PM on Monday compared to daily averages. A large portion of these sales came from Delhi-NCR, followed by Ahmedabad, Bengaluru, Pune, and Mumbai.
Maruti Suzuki, Hyundai, Mahindra shares rise
Auto Sales experienced a boost due to festive demand. Shares from companies like Maruti Suzuki India, Hyundai Motor India, Mahindra & Mahindra (M&M), Eicher Motors, Tata Motors, and Hero MotoCorp rose by up to 5% on Tuesday (September 23) as sales and inquiries surged on the first day of Navratri, which coincided with the rollout of GST 2.0.
As the markets opened, the Nifty Auto index increased by 2% by 9:30 AM. Hyundai Motor India Ltd led the way, rising nearly 5% to a day’s high of Rs 2,846.90. Maruti Suzuki India Ltd climbed over 3% to an intraday high of Rs 16,321 per share, while M&M gained 3%, reaching a day’s high of Rs 3,680 per share.
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