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Base effect dents August passenger vehicles’ sale (Lead)

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New Delhi, Sep 11 (IANS) Unfavourable base effect, along with high fuel and interest costs, dented the monthly sales of domestic passenger vehicles in August 2018, data showed on Tuesday.

According to the data furnished by the Society of Indian Automobile Manufacturers (SIAM), sales of passenger vehicles — cars, utility vehicles and vans — slipped by 2.46 per cent to 2,87,186 units from 2,94,416 units sold in the corresponding period of last year.

The off-take of the sub-segment such as passenger cars dipped by 1.03 per cent during the month under review to 1,96,847 units.

Similarly, utility vehicles’ sales declined in August. The off-take was lower by 7.11 per cent during the month at 73,073 units.

However, sales of vans increased by 2.41 per cent to 17,266 units.

In contrast to passenger vehicles sales the overall commercial vehicles off-take zoomed by 29.56 per cent to 84,668 units in August. The segment is a key indicator of economic activity.

The data pointed out that three-wheelers’ sales accelerated by 22.83 per cent to 63,199 units during the month.

In addition, overall sales of two-wheelers, which include scooters, motorcycles and mopeds, climbed by 2.91 per cent to 1,946,811 units.

As per the data, total sales of the Indian automobile sector rose by 3.43 per cent during August 2018 to 2,381,931 units across segments and categories.

The overall exports of vehicles across categories also edged higher by 23.70 per cent to 411,357 units.

Sridhar V, Partner, Grant Thornton India said: “Commercial truck segment has been performing at a high torque during this month despite the change in the axles policy kicking in mid-July and I would presume it is not only because of the shape of the economy but also a reflection of the infra build.”

“This segment has registered the highest yet for FY 19 and best is probably yet to come. Passenger vehicle segment had a mixed performance; while a few OEMs have shown growth, the largest players have shown a negative growth possibly due a high base in previous year, high interest rates and flood situations, which have had its dampening effect.”

Anupama Arora, Vice President and Sector Head, Corporate Sector ratings, ICRA said: “One-off events in select geographies as well as delayed festive season resulted in muted two wheeler volumes in August 2018….”

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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