Issue 86 | October 2015Strictly for Private Circulation

Highlights

MACROECONOMIC UPDATE

n Index of Industrial Production accelerated to thirty-four month high to 6.4% during Aug-15.

n During Aug-15, the mining (3.8%), manufacturing (6.9%) and electricity (5.6%) sectors recorded significant growth as compared to 0.9%, 4.6% and 3.5% growth, respectively, during Jul-15.

n During Aug-15, the eight core industries moderated by 2.6% (y-o-y) as compared to a growth of 5.9% (y-o-y) in Aug-14 due to decline in production of steel.

n The WPI inflation further declined to 4.5% y-o-y during Sep-15 against a decline of around 5.0% in Aug-15.

n Inflation in food articles registered a moderate growth of 0.7% in Sep-15 as against a decline of 1.1% during Aug-15.

n Retail inflation in rural and urban sectors moved upwards to 5.1% and 3.6% respectively in Sep-15 from 4.5% and 2.7% respectively during Aug-15.

n During the fourth bi-monthly monetary policy announcement, the RBI reduced the Repo Rate by 50 bps from 7.25% to 6.75%, whereas, the CRR was kept unchanged at 4.0%.

n The aggregate deposit and bank credit grew by 11.3% (y-o-y) and 9.5% (y-o-y) respectively in the week ended Oct 02, 2015 as against a growth of 12.3% and 10.4% in the year-ago period.

n FII outflows stood at US$ 0.87 billion in Sep-15 as against an investment of US$ 3.5 billion in the same month a year ago.

E: D&B estimateSource: CSO

GDP: Growth (%)

Source: Ministry of Commerce and Industry

India's exports & imports (US$ bn) Macroeconomic triad (estimate)

Note: Exchange rate: INR/US$ at month endInterest rate corresponds to yield on T-Bills 15-91 daysSource: D&B Industry Research Service

Oct-15

Inflation(-)4.2% - (-)4.0%

Interest rate7.0% - 7.2%

Exchange rate65.10 - 65.30

cursorIndustry

Exports (LHS) Imports (RHS)

CONTENTS

Logistics & Supply Chain

Commercial Vehicle

Gems & Jewellery

Hi-Tech

Banking

Hospitality

IT-Hardware

Passenger Vehicle

Textile & Garment

Steel

Retail

Two and Three-Wheeler

2

4

5

7

6

8

3

9

10

11

15

14

13

12

Macroeconomic Update

Auto Components

Healthcare & Pharmaceutical

IIP and core infrastructure: Growth (%)

Source: Ministry of Commerce & Industry, CSO

Eight core industries IIP

25.0

30.0

35.0

40.0

45.0

50.0

15.0

20.0

25.0

30.0

35.0

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Agriculture Industry Services Real GVA

-2

0

2

4

6

8

10

12

14

Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 E

AUTO COMPONENTS INDUSTRY

n Singapore-based PE firm Everstone Capital acquired over 51% in domestic auto components maker SJS Enterprises for ` 3.5 billion. Everstone will help the company to set up its next plant near Bengaluru and finance its expansion plans.

n Auto component manufacturer Majestic Auto acquired IT service provider Emirates Technologies for ` 732 million. The company acquired 80% shareholding of Emirates, while the remaining 20% has been attained by one of its group companies, OK Hosiery Mills.

n As part of its strategy to venture into commercial heat treatment, surface coating and metallurgical services, Kalyani Group, through its arm Kalyani Technoforge acquired the Indian operations of Bodycote, a player in thermal processing services.

n Specialty chemicals company LANXESS and Saudi Aramco's subsidiary, Aramco Overseas Company entered into an agreement to form a JV for synthetic rubber. LANXESS will contribute its synthetic rubber business to the new JV while Saudi Aramco will provide the JV with competitive and reliable access to strategic raw materials over the medium term.

n Tyre manufacturer and commodity trading firm Apollo International Ltd signed an agreement with digital marketing firm Lycos Internet Ltd to start a JV, Apollo Lycos Netcommerce that will design, develop and fulfil e-commerce solutions for global brands online targeting Indian consumers.

n Automotive steel wheel manufacturer Steel Strips Wheels partnered with Kalink Company to set up a modern manufacturing facility with an initial capacity of 1.5 million alloy wheel rims per annum at Mehsana, Gujarat. The company also received an export order worth ` 16 million for supply of approximately 6,000 truck/trailer steel wheels to the European Union aftermarket.

n Auto components supplier Anand Group entered into a collaboration with Germany-based Liqui Moly for sale and distribution of automotive car care, additives, lubricants and service products. The main focus of the alliance would be on high performance lubricants catering to premium cars and high-end motorcycles.

n Gurgaon-based Lumax Group plans to invest ` 2.5 billion to expand Lumax Auto Technologies, which makes automobile components ranging from motorcycle and scooter chassis to petrol tanks, gear-shift lever and PCBs.

n Apollo Tyres opened first branded retail outlet 'Apollo Zone' in Lebanon, taking the total branded retail outlet in the West Asian region to three after Dubai and Kuwait. This outlet was opened in association with Saka Trading Co, one of the Lebanon's oldest wholesalers and retailers of tyres, batteries and car accessories.

n ZF Hero Chassis Systems, a 50:50 JV between ZF India and Hero Motors opened its new plant in Oragadam, Chennai to assemble front and rear chassis systems for BMW cars.

Highlights

Global News

n German automotive and defence group Rheinmetall entered into an agreement with Japan-based Riken to set up a JV for making piston rings in the province of Hubei in central China.

Rubber prices* (Kottayam)(`/quintal)

*Rss-4

Steel prices (Mumbai) (`/tonne)

HR coils 2.00 mm CR coils 0.63 mm

Auto components: Investment scenario* (` bn)

*Outstanding investments CMIESource for all above charts:

600

700

800

900

1000

1100

1200

Sep-1

2

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

11,000

12,000

13,000

14,000

15,000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

32000

35000

38000

41000

44000

47000

50000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Deposits, credit and growth rates

BANKING INDUSTRY

n The Reserve Bank of India (RBI) slashed its policy interest rate to a four-year low of 6.75%. State Bank of India cut its base rate by 0.4% to 9.3%, making home, auto and corporate loans cheaper. Several other banks including ICICI Bank, Kotak Mahindra Bank, Dena Bank etc also revised their base rate.

n The RBI also announced measures to further open debt and currency markets. These include upward revision of the present $ 30 billion ceiling for foreign investments in government bonds by ` 1.2 trillion by March 2018 in stages, and allowing overseas funds to purchase debt issued by Indian states.

n Ten microfinance and small finance companies received 'in-principle' nod from the RBI to start small finances banks across the country. These include Au Financiers, Capital Local Area Bank, Disha Microfin, Equitas Holdings, ESAF Microfinance and Investments, Janalakshmi Financial Services, RGVN (Northeast) Microfinance, Suryoday Micro Finance, Ujjivan Financial Services and Utkarsh Micro Finance.

n Axis Bank plans to introduce digital banking products to corporate clients, with pay connect for electronic payments, TF connect for trade finance transactions, FX connect for foreign exchange transactions and a tablet-based Internet banking application on offer.

n ICICI Bank introduced a mobile payment application on the lines of 'mVisa', that will let customers pay for services from their smartphones through the bank's mobile wallet app called 'Pockets'.

n Bandhan Bank plans to add 105 more branches over the next five months, and aims to reach 628 branches by March 2016.

n Bajaj Finance received approval from National Housing Bank to set up a housing finance company. The bank expects the move to bolster its competitive position by providing additional avenues of borrowings, lower risk weights for certain class of loans and facilitate easier legal repossession.

n SBI signed a 15-year loan agreement worth $ 300 million with German development bank KfW for rural and micro-enterprise lending in India. The move aims at further strengthening and extending SBI's priority sector lending activities.

n Identifying cyber security as a key area of concern, the Reserve Bank of India announced plans to set up an IT subsidiary to deal with systemic risks, threats and vulnerabilities arising due to higher dependency on the use of technology.

n Swiss banker Julius Baer launched its banking services in India. The move, which comes almost three years after it acquired DSP Merrill Lynch's domestic wealth management business, was hindered due to delay in regulatory approvals and other formalities.

n State Bank of Bikaner and Jaipur launched MUDRA card under the Pradhan Mantri Mudra Yojna (PMMY), to provide credit facilities to entrepreneurs running micro-units in non-farm sectors.

n Bank of Baroda launched 'Baroda MUDRA Card' under the PMMY to provide credit facility to the underbanked. The card can be used as debit card to withdraw money from cash credit/overdraft account at ATM/POS.

n Citibank India launched a new retail banking platform, 'Citi Priority' to meet the wealth management needs of a growing class of young customers with rising incomes. The service is aimed at customers who maintain a relationship value of at least ̀ 1.5 million with the bank.

n After providing capital support to SBI, Punjab National Bank, Bank of India, Bank of Baroda, Corporation Bank and others, the Government infused capital to the tune of ` 22.29 billion and ` 3.94 billion into IDBI and Bank of Maharashtra respectively, by subscribing to their preferential shares.

%` bn

Highlights

Deposits (LHS) Credit (LHS)

y-o-y growth rates of deposits (RHS)

y-o-y growth rates of credit (RHS)

Note: Call rates for Oct-15 are up to Oct 13, 2015Source for all above charts: RBI

Movement in call money rates (%)

Note: Data for Sep-15 is as on Sep 18, 2015

Call money rate- High (%)

Call money rate- Low (%)

0

2

4

6

8

10

12

14

0

10,000

20,000

30,000

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50,000

60,000

70,000

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p-1

4

Oct

-14

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4

De

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Jan

-15

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5

Ma

r-1

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Ap

r-1

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-15

Jul-1

5

Au

g-1

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Se

p-1

5

0

5

10

15

20

25

30

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct

-15

COMMERCIAL VEHICLE INDUSTRY

n Bajaj Auto launched its quadricycle RE 60 as Qute at a free-on-board price of ` 1.35 lakh, and plans to export it to countries across Asia, Africa, Latin America and Europe. Qute is powered by water-cooled DTSi, 4-valve engine that has a fuel efficiency of 36 kmpl and a maximum speed of 70km per hour.

n Lohia Auto Industries entered into southern India with the launch of its range of electric-scooters (OMA Star, OMA Star DX and Genius), e-rickshaw Humrahi and diesel three-wheeler Humsafar. The e-scooters are priced from ` 28,000 to ` 401,000; e-rickshaw model is priced at ` 115,000 targeted at both passenger and cargo vehicles and the Humsafar is priced at around ` 166,000 for the cargo model and ̀ 171,000 for the passenger model.

n Tata Motors plans to launch a new small commercial vehicle 'Magic Mantra' in the country in October, thereby expanding the product range under its popular public transport vehicle 'Tata Magic'. Magic Mantra would be powered by a 40 HP diesel engine along with a BS-IV compliant common rail engine.

n Tata Motors to launch a new range of affordable trucks, branded 'Signa'. The Signa range of trucks will be positioned above the legacy range, priced 5-7% higher than the existing ones and are likely to start rolling out in the coming six months.

n Volvo Group launched its customer financing arm Volvo Financial Services in India offering loans, leases, insurance, maintenance, and other aftermarket services, to customers and dealers of the Volvo Group and VE Commercial Vehicles Ltd.

Highlights

M&HCV: Domestic sales (Nos.)

Source for all above charts: CMIE

LCV: Domestic sales (Nos.)

Global News

n US automaker General Motors Co plans to jointly develop and assemble medium-duty commercial vehicles with truck and engine maker Navistar International Corp.

Commercial vehicle sales (Nos.)

Source: CMIE

Segments Sep-14 Sep-15 y-o-y growth (%) Apr-Sep FY15 Apr-Sep FY16 y-o-y growth (%)

M&HCV 19,035 31,172 63.8 104,219 139,325 33.7

LCV 37,043 31,673 -14.5 189,297 175,270 -7.4

Total domestic sales 56,078 62,845 12.07 293,516 314,595 7.2

Exports 8,157 7,672 -5.9 41,242 49,314 19.6

Total sales 64,235 70,517 9.8 334,758 363,909 8.7

Commercial Vehicles: Investment scenario* (` bn)

*Outstanding investmentsSource: CMIE

50

100

150

200

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

15,000

20,000

25,000

30,000

35,000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

20,000

25,000

30,000

35,000

40,000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

GEMS AND JEWELLERY INDUSTRY

n The Maharashtra Government hiked value-added tax (VAT) on petrol and diesel, gold and diamond jewellery, cigarettes, alcohol and soft drinks, effective October 1 for the next five months. VAT has been increased to 1.2% from 1.0% on gold and diamond jewellery.

n The country's first B2B portal for the gems and jewellery industry, myheera.com was launched in New Delhi, with an aim to provide complete business solutions to industry players on a single online platform.

n Lypsa Gems & Jewellery Ltd launched Lypsa Atelier - a collection of contemporary diamond studded jewellery in 18K and 14K gold, which the company plans to sell online through Flipkart, Snapdeal, Craftsvilla and Shopclues.

n In a first-of-its-kind move for the visually impaired, ORRA unveiled plans to launch spiritual pendants with mantras etched in Braille. The jewellery retailer worked closely with the National Association for the Blind to develop its new line of jewellery.

n Mumbai's Bharat Diamond Bourse banned the trading of synthetic diamonds. With this, traders would be allowed to deal only in natural diamonds. The bourse said it would take action against those dealing in synthetic diamonds.

n De Beers announced plans to set up a synthetic diamond detection centre in India in October. The machines would be installed either in Surat or at Bharat Diamond Bourse in Mumbai.

n The Gems & Jewellery Skill Council of India launched a digital learning platform with a view to train those engaged in the industry by the end of 2016. The training programs are presently available in English and Hindi, with plans to introduce training in seven other languages.

n Jewellery firm Rajesh Exports bagged an export order worth ̀ 13.6 billion for gold and diamond-studded jewellery and medallions from the UAE.

n Senco Gold & Diamonds tied up with online retailer Amazon to sell its products.

n Tribhovandas Bhimji Zaveri Ltd joined hands with Snapdeal to offer diamond jewellery and gold coins to customers online.

n Tara Jewels signed an exclusive manufacturing and supply agreement with Sterling Jewelers Inc(USA) for the designer brand Angel Sanchez.

Highlights

Gold prices in Mumbai market

Price (LHS) Change (RHS)

`/10 gm %

Gems & Jewellery exports(` bn)

Source for all above charts: CMIE

Gems & Jewellery imports(` bn)

-16

-14

-12

-10

-8

-6

-4

-2

22,000

23,000

24,000

25,000

26,000

27,000

28,000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

0

50

100

150

200

250

300

Au

g-1

4

Se

p-1

4

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Ap

r-1

5

Ma

y-1

5

Jun

-15

Jul-1

5

Au

g-1

5

0

100

200

300

400

500

600

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Gems & Jewellery: Investment scenario* (` bn)

*Outstanding investmentsSource: CMIE

5

10

15

20

25

30

35

40

45

50

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

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Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

HEALTHCARE & PHARMACEUTICAL INDUSTRY

n Cipla (EU) Ltd, a wholly-owned subsidiary of Cipla entered into a definitive agreement with Biopharma SPA for establishing a JV in Algeria to manufacture and market respiratory products. In another deal, its South African arm Cipla Medpro (Pty) entered into an exclusive agreement with vaccine manufacturer Serum Institute of India to supply vaccines in South Africa.

n GlaxoSmithKline Pharmaceuticals (GSK) acquired vaccines business of Novartis Healthcare Pvt Ltd and divested its marketed oncology portfolio to Novartis India. The transaction is likely to enhance GSK's vaccines portfolio and bring together its expertise in virology, bacterial infection and technological platforms to deliver a reliable supply of high quality vaccines.

n Dr Reddy’s Laboratories entered into an agreement with Australian drug discovery and development company Alchemia Ltd to buy intellectual property rights of Fondaparinux Sodium for US$ 17.5 million.

n Pfizer entered into a Business Transfer Agreement for the transfer of its business at the Thane plant as a going concern to Vidhi Research and Development LLP for 1.78 billion. `

n Biotechnology firm Biocon acquired a manufacturing unit of Visakhapatnam-based Acacia Lifesciences on a going concern basis. The facility is spread over 45,000 sq ft and manufactures advanced intermediates of potent active pharma ingredients.

n Drug firm Vivimed Labs signed a definitive agreement for the transfer and sale of identified products within speciality chemicals division to Clariant AG's subsidiary Clariant Chemicals India Ltd.

n Sun Pharma sold the central nervous system product business of Ranbaxy which includes two divisions – Solus and Solus Care to Bengaluru-based Strides Arcolab for 1.65 billion.`

n Dr Reddy’s Laboratories launched Esomeprazole Magnesium delayed release capsules, a therapeutic equivalent generic version of Nexium delayed release capsules, used in the treatment of acid reflux, in the US market.

n Biopharma firm Suven Life Sciences received two product patents from Canada and one product patent from China corresponding to its New Chemical Entities for the treatment of disorders associated with neurodegenerative diseases.

n Suven Life Sciences received patents in Australia, China, Europe, South Korea and US for a drug used in the treatment of neuro-degenerative diseases.

n Dishman Pharmaceuticals and Chemicals received a licence agreement from Janssen Pharmaceutica NV, a pharma company of Johnson & Johnson, to produce API of Sirturo, a drug used in the treatment of multi drug resistant tuberculosis.

n Sun Pharma through its subsidiary plans to acquire US-based InSite Vision that develops specialty ophthalmic, or eye care drugs. The transaction, with an equity value of US$ 48 million, is expected to close in the fourth quarter of 2015.

n Switzerland-based Roche Group, through its wholly-owned subsidiary Roche Products (India) Pvt Ltd launched two new drugs, namely Perjeta and Kadcyla used in the treatment of HER2-positive metastatic breast cancer, in India.

n Jubilant Life Sciences received USFDA approval to market generic Zolmitriptan orally disintegrating tablets used for acute treatment of migraine headaches in adults and Indomethacin capsules used for treating pains, in the US market.

HighlightsTrend in Drugs and Pharmaceuticals export

Value (LHS) Change (RHS)

` bn %

Trend in Drugs and Pharmaceuticals import

Value (LHS) Change (RHS)

%` bn

Global News

n South Australian biopharmaceutical company, Bionomics received USFDA approval for BNC101, a drug that reduces cancer recurrence and targets hard-to-treat colorectal and pancreatic cancers.

Drugs & Pharmaceuticals: Investment scenario* (` bn)

*Outstanding investmentsSource for all above charts: CMIE

200.0

250.0

300.0

350.0

Sep-1

2

Dec-

12

Mar-

13

Jun-1

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Sep-1

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Dec-

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-5

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Jan-1

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Feb-1

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HI-TECH INDUSTRY

n The Electronics Sector Skills Council of India in partnership with the Engineering Staff College of India set up a Centre of Excellence for skill development in solar electronics. The center has been set up in southern India and will impart specialised training on solar technology, installation and maintenance.

n German semiconductor firm Infineon Technologies signed an agreement with National Skill Development Corporation to impart training to youth on semiconductor or chip technology, aimed at boosting the electronic manufacturing ecosystem in India.

n Crompton Greaves sold its 50% holding in JV, CG Lucy Switchgear, to its partner W Lucy & Company for ̀ 400.2 million.

n Home appliances & consumer electronics company Haier launched new full HD 43 inch Android Smart TV- LE43B7600A, at a price of ` 49,990 with 1+ 2 years extended warranty.

n Crompton Greaves received an order worth US$ 62 million from PT PLN to manufacture and supply power transformers in Indonesia. These transformers would be installed in Java, Sumatra, Kalimantan and Makassar islands of Indonesia with an aim to enhance the performance of PT PLN's transmission grid.

n CK Birla Group firm Orient Electric plans to invest around ` 500 million over the next two years to raise its fans and lighting manufacturing capacity. Currently, Orient produces over 13 million fans per year at its two factories in Faridabad and Kolkata and intends to add 50 lakh units capacity through the new facility.

n Consumer electronics and appliances firm Panasonic plans to set up a fridge manufacturing facility in India with an investment of up to ̀ three billion in the next 12-18 months. This facility would be a hub for supply of fridges for sale in India, the Gulf and Africa.

n US-based kitchen and bath fittings company, Kohler Kitchen & Bath plans to expand production in India along with increasing number of stores to 350 spanning over 100 cities by 2015.

n Hyosung T&D India, a subsidiary of the South Korea-based Hyosung Corporation intends to set up a greenfield manufacturing unit near Pune to produce high voltage gas insulated switchgears and related accessories using state-of-the-art technology for domestic markets.

n Rural Agri Ventures, a business incubation firm launched 'My Way', a light-emitting diode (LED) product, which is affordable and built with energy efficient and environment-friendly technology.

Highlights

Civil aviation: Cargo statistics(freight tonne km and mail tonne km in mn)

Freight tonne km (LHS) Mail tonne km (RHS)

Civil aviation: Load factor (%)

Passenger load factor Weight load factor

Civil aviation: Airport traffic statistics (August 2015)

Source: CMIE

Parameters

Aircraft traffic Passenger traffic Cargo traffic

Nos.y-o-y

growth (%)Nos.

y-o-y growth (%)

Tonnesy-o-y

growth (%)

Domestic traffic 118,004 11.1 13,385,900 18.9 86,700 2.6

International traffic 30,889 7.6 4,534,200 8.7 139,300 8.3

Total airport traffic 148,893 10.3 17,920,100 16.2 226,000 6.1

Consumer Electronics: Investment scenario* (` bn)

*Outstanding investmentsSource for all above charts: CMIE

0.0

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6,000

7,000

8,000

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12,000

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Aug-1

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Sep-1

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Oct

-14

Nov-

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Dec-

14

Jan-1

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Feb-1

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Mar-

15

Apr-

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15

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Jul-15

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-14

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14

Jan-1

5

Feb-1

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15

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HOSPITALITY INDUSTRY

n In a bid to increase revenues and boost occupancy, Maharashtra Tourism Development Corporation (MTDC) plans to establish tie-ups with vacation ownership companies and budget aggregators to sell unsold room inventory.

n As part of its India expansion strategy, US-based hospitality major Wyndham Worldwide plans to add 50 hotels over the next three years. It currently has 25 hotels in India. The company also plans to add 35 affiliated resorts in India by 2018 under its vacation exchange arm RCI network.

n The US-based Starwood Hotels & Resorts signed three new hotels under its Four Points brand - in Bhopal, Vijayawada and Kerala. Over the next five years, Starwood plans to double its footprint in the country.

n The GVK Group opened a transit hotel inside the Mumbai airport's new terminal T2. The hotel is operated by International Hotels and Resorts.

n Meininger Hotels, a firm owned by Cox & Kings, will be opening a 184-room hotel in Budapest, Hungary by spring of 2018.

n Golden Tulip Hotels South Asia launched the Royal Tulip Sea Pearl Beach Resort & Spa, Cox's Bazar, Bangladesh.

n Sterling Holidays, the vacation ownership company owned by Thomas Cook, won a bid to build a three-star resort at the proposed eco-tourism hub in Jalpaiguri in West Bengal.

n Shangri-La Hotels, a Hong Kong-based company, announced the launch of a 397-room luxury property in Bengaluru.

n Le Meridien Hotels & Resorts opened its first resort in the country at Mahabaleshwar in Maharashtra.

n Bengaluru-based MRG Hospitality and Infrastructure acquired the four-star business hotel Aura Grande in Mumbai for ̀ one billion.

n Mumbai-headquartered Hotel Leelaventure sold its hotel property The Leela Goa to Malaysian company MetTube Sdn Bhd for ̀ 7.25 billion.

HighlightsForeign tourist arrivals in India('000 nos.)

Foreign exchange earnings

Foreign exchange earnings (LHS)

Growth (RHS)

` bn %

Growth in foreign tourist arrivals (%)

Source of all above charts: CMIE

2012 2013 2014 2015

Hospitality: Investment scenario* (` bn)

*Outstanding investmentsSource: CMIE

900

1100

1300

1500

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

-5

0

5

10

15

20

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-5

0

5

10

15

20

25

20

30

40

50

60

70

80

90

100

110

120

130

Se

p-1

4

Oct-

14

No

v-1

4

De

c-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Ap

r-1

5

Ma

y-1

5

Ju

n-1

5

Ju

l-1

5

Au

g-1

5

Se

p-1

5

Source: Ministry of Tourism

0

100

200

300

400

500

600

700

800

900

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Source: Ministry of Tourism

IT HARDWARE INDUSTRY

n In a bid to boost domestic market share, Lenovo unveiled its 'Start Up With Lenovo' initiative, offering personal computers and laptops to consumers with zero-interest based EMI option.

n Computer and peripherals maker Hewlett Packard is looking to expand printer sales in the Indian market. The company, which recently launched a range of scanners and smart printers for domestic users, believes India holds huge growth potential for its printer business.

n Domestic player Micromax aims to garner 10% market share over the next 12-18 months, as it makes a foray into the laptop segment. Priced at ` 13,999, Micromax's 'Lapbook' is set to compete with HP, Dell and Lenovo and will be available online at Snapdeal.

n Supply chains solution provider Redington India would acquire 70% of Istanbul-based Oracle distributor Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret, A S Turkey. The balance 30% will be acquired over a three year period.

n Intel India signed an agreement with Telangana government to develop an electronics component manufacturing ecosystem in the state. As part of the initiative, Intel will customise its product 'Computer-on-a-Stick' to cater to local needs.

n Acer India agreed to provide the government of Tamil Nadu with over 230,000 notebooks for school students within the state. The initiative is meant for Class 12 students of over 650 government and government-aided schools across 7 districts in the state.

n Notion Ink launched a new tablet, the Cain Signature Black Limited Edition with Windows 10, exclusively available through online retailer Snapdeal. The tablet is priced at ̀ 20,990 (64GB).

Highlights

Domestic computer hardware& peripheral production (` bn)

Source: CMIE

IT-hardware: Investment scenario* (` bn)

*Outstanding investmentsSource: CMIE

0

2

4

6

8

10

12

14

16

18

20

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

1.5

1.9

1.21.3

2.1

1.31.3

2.0

1.0

1.2

1.7

1.2

1.4

0.0

0.5

1.0

1.5

2.0

2.5

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

LOGISTICS & SUPPLY CHAIN INDUSTRY

n TVS Asianics Supply Chain Solutions, the Singaporean JV of TVS Logistics acquired a majority stake in Australia-based Transtar. The acquisition will mark TVS Logistics' entry in Australia and will help TVS Asianics become a specialised player in international freight forwarding for clients doing business throughout Asia.

n E-commerce firm Flipkart Ltd through a new entity called Instakart Services Pvt Ltd bought back its logistics business from WS Retail Services Pvt Ltd.

n Multiples Alternate Asset Management Pvt. Ltd, the PE fund founded by Renuka Ramnath sold about 10% stake in e-commerce logistics firm SSN Logistics Pvt Ltd, which operates the Delhivery courier service, to Tiger Global Management Llc.

n Unipart Logistics, part of the Unipart Group opened its purpose-built parts distribution centre for Jaguar Land Rover vehicles in India. The new distribution centre, purpose built and facilitised on a business park in Bhiwandi is closer to both the inbound logistics routes and customers.

n Hyperlocal business-to-business delivery start-up Roadrunnr, run by Carthero Technologies Pvt Ltd expanded its services to Bengaluru, Mumbai, Pune, Delhi, Gurgaon, Ghaziabad, Chandigarh, Hyderabad, Lucknow, Indore and Kolkata.

n Bengaluru-based logistics start-up ropes in common services centres (CSCs) to help e-commerce firms reach out to smaller towns and rural areas. It has already partnered with around 600 CSCs and is likely at take this to around 10,000 by this financial year.

n Inbound and outbound logistics services provider Balmer Lawrie & Company Ltd plans to invest ̀ four billion in its logistics infrastructure business. As part of its expansion plan, it will set up a multi-modal logistics hub at Vizag and temperature-controlled warehouses at different locations in phases.

Highlights

Logistics*: Investment scenario** (` bn)

*Transport logistics services**Outstanding investmentsSource: CMIE

Global News

n The GEFCO Group, a global player in logistics for manufacturers signed an agreement with PE fund Nimbus to acquire the Dutch company IJS Global, a freight forwarding company specialising in air and sea freight operations.

n Supply chain and logistics provider UTi opened a new contract logistics facility in Mexico to support the growth of its clients in the automotive and high-tech industries. The facility will have a handling capacity of 2,800 pallets and provide services, including inventory management, sub-assembly and kitting.

n US supply chain services provider, Magnolia Automotive Services, is building a US$ 4.4 million logistics facility in Charlestown, Indiana to support the inbound supply of parts for Toyota production in the country.

n BLG Logistics is likely to open a distribution facility for Daimler at the port of Düsseldorf, Germany, in 2016. BLG will primarily carry out logistics services for the Mercedes-Benz van plant in Düsseldorf from the facility, including the containerisation of complete knockdown kits of the Sprinter van for export and assembly in the carmaker's overseas facilities, including its plant in Argentina.

400

500

600

700

800

900

Sep-1

2

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

PASSENGER VEHICLE INDUSTRY

n The Government plans to introduce stringent safety norms including undergoing mandatory crash tests for new cars from October 2017.

n The passenger vehicle sales are expected to grow by 6-8% in the current financial year on the back of new models, low inflation and benign interest rates, according to automobile industry association the Society of Indian Automobile Manufacturers.

n Volkswagen recalled 389 Polo hatchbacks for inspection and preventive repair for a probable faulty handbrake mechanism. It has directed its dealers not to sell any Polo in the market with immediate effect. In September, the German carmaker had admitted to systematically cheating US air pollution tests.

n In order to have comprehensive passenger car portfolio, Hyundai Motor India plans to launch a multi-purpose vehicle in 2016. To consolidate its position in the passenger car market, the company plans to launch two to three new models every year till 2020. Hyundai Motor India intends to explore the taxi hailing segment to increase its market share.

n German carmaker Audi launched mobile showrooms to increase its penetration in the tier-two and tier-three cities.

n Tata Motors' subsidiary Jaguar Land Rover plans to invest US$ two billion to build a plant in Slovak Republic.

HighlightsPassenger cars: Domestic sales (Nos)

Utility vehicles: Domestic sales (Nos)

Vehicle LaunchesVariant Company Price (in ` lakh) Segment

Kwid Renault India 2.56 - 3.53 Economy

Maybach (S500 and S600) Mercedes-Benz 167 - 260 Super Luxury Car

M6 Gran Coupe BMW India 171 Super Luxury Car

Figo Ford India 4.3 – 5.3 Economy

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

0

10,000

20,000

30,000

40,000

50,000

60,000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Passenger vehicle sales (Nos)

Segments Sep-14 Sep-15y-o-y growth

(%)Apr-Sep

FY15Apr-Sep

FY16y-o-y growth

(%)

Micro 1,703 2,415 41.8 6,365 11,321 77.9

Mini & Compact 135,091 145,776 7.9 776,399 831,498 7.1

Super Compact and Mid Size 16,025 20,063 25.2 97,053 124,572 28.4

Executive 1,851 1,145 -38.1 9,989 8,480 -15.1

Premium 228 191 -16.2 1,035 1,166 12.7

Luxury, Coupe Roadster & Exotics 0 0 - 0 0 -

Vans 15,683 14,113 -10.0 88,240 86,949 -1.5

Passenger cars 170,581 183,703 7.7 979,081 1,063,986 8.7

Multi-utility vehicles 53,003 48,464 -8.6 273,323 266,327 -2.6

Domestic sales 223,584 232,167 3.8 1,252,404 1,330,313 6.2

Exports 57,752 57,421 -0.6 307,610 319,579 3.9

Total sales 281,336 289,588 2.9 1,560,014 1,649,892 5.8

Source: CMIE

Passenger Vehicles: Investment scenario* (` bn)

*Outstanding investmentsSource for all above charts: CMIE

150

200

250

300

350

400

450

500

Sep-1

2

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

RETAIL INDUSTRY

n FSN Ecommerce Ventures, that retails beauty and wellness products in the online space, raised ` 0.25 billion from private equity firm TVS Shriram Growth Fund.

n Flipkart plans to spend US$ 300-500 million to establish 50 to 100 warehouses over the next five years. Flipkart is close to commissioning its largest warehouse in Telangana.

n Online retailer Amazon India recently opened a fulfillment centre in Chakan, near Pune, spread over 55,000 sq. ft., with a storage capacity of over 140,000 cubic feet. Amazon invested ̀ 12.37 billion in Amazon Seller Services.

n Retail major Shoppers Stop targets 15% of its revenues to come from the online platform over the next three to five years from 1% at present. It plans to invest ̀ 0.60 billion over the next three years on its omni-channel strategy.

n Paytm plans to invest US$ 600 million over the next three years to grow its commerce business.

n Swedish fashion chain Hennes & Mauritz (H&M) opened its first store in the ndcountry in New Delhi on 2 October 2015.

n Swedish furniture major IKEA signed a memorandum of understanding with the Government of Uttar Pradesh to open stores in the state. IKEA has also signed MoUs with Telangana, Karnataka and Maharashtra to roll out its large outlets.

n Walmart will be opening its next cash and carry outlet in India in 2017. Currently, it is exploring various locations and Ludhiana in Punjab is one probable city.

n Retail major the Future Group tied up with Baba Ramdev-promoted Patanjali Ayurved to sell the latter's FMCG products through its stores with plans for joint manufacturing in future.

n Cafe Coffee Day plans to invest ̀ 4.5 billion over the next three years to open 400 outlets in the country.

n The online furniture market place Pepperfry has extended its last mile delivery service to 400 cities across the country.

n The retailer of baby care products FirstCry is on a hiring spree to increase the number of stores to 200 by the middle of 2016 from 125 at present.

Highlights

Retail Trading: Investment scenario* (` bn)

*Outstanding investmentsSource: CMIE

600

650

700

750

800

850

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

STEEL INDUSTRY

n Steel Authority of India Ltd earmarked ` 75 billion as capex for fiscal year 2016, as part of its plans to expand hot metal capacity to 50 million tonnes over the next 10 years.

n Jindal Stainless Steel announced temporary shutdown of operations at its ferro alloys unit in Vizianagaram (Andhra Pradesh) on account of differences between the management and workers. The company will transfer production of ferro chrome to its more economical unit at Jajpur.

n Tata Steel received a nod from the Environment Ministry to more than double the capacity at its Jamshedpur-based cold rolling mill. With an investment of ̀ 1.26 billion, the move is likely to shore up the plant's capacity to 0.8 million tonnes per annum (MTPA) from 0.3 MTPA at present.

n Mahindra Auto Steel opened its first automotive steel processing facility in the Talegaon-Chakan belt, near Pune in Maharashtra. MASL is a joint venture of Mahindra Intertrade with China Steel Global Trading Corporation, Taiwan and Mitsui & Co. (Asia Pacific), Singapore.

n Essar Steel will work together with the National Mineral Development Corporation to build a 15 million tonnes per annum underground slurry pipeline, stretching over 450 km between Bailadila in Chhattisgarh and Visakhapatnam in Andhra Pradesh. With an investment of around ` 100 billion, the project would also include two iron ore pellet plants.

n Tata Steel said it would commission the first phase of its Kalinganagar project at Odisha in the next fiscal year. The steel giant has pumped in ̀ 220 billion so far towards the greenfield project.

n Steel players are likely to hike prices up to ` 1,500 per tonne to take advantage of the recently imposed safeguard duty. In September, the Government levied a provisional safeguard duty of 20% on imports of hot-rolled flat steel products to cushion domestic manufacturers from recent upsurge in shipments from countries like China.

n Among major players, SAIL and Essar Steel raised prices of their flat steel products following imposition of the safeguard duty. While SAIL increased prices by ` 700 per tonne, Essar Steel hiked prices by ` 500 per tonne on its range of flat steel products.

n Srijan Steel and Power Industries received environment clearance for its proposed greenfield project for producing iron ore pellets in Seraikela Kharsawan, Jharkhand. The project worth ` 2.56 billion aims to produce 0.8 MTPA of iron ore pellets apart from setting up a one MTPA iron ore beneficiation plant in Jharkand.

HighlightsTrend in HRC and CRC prices- Mumbai (`/tonne)

HR Coils (2.00 mm) CR Coils (1 mm)

Finished Steel Production

Production (LHS) Growth (RHS)

'000 Tonnes %

Global News

n ArcelorMittal and Algerian state-run IMETAL joined hands to restructure the shareholding of ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal Tebessa.

32,000

34,000

36,000

38,000

40,000

42,000

44,000

46,000

48,000

50,000

52,000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

-8

-6

-4

-2

0

2

4

6

8

10

12

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Steel: Investment scenario* (` bn)

*Outstanding investmentsSource for all above charts: CMIE

12000

12500

13000

13500

14000

14500

15000

Sep-1

2

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

n The Federation of Hosiery Manufacturers' Association of India (FOHMA) has devised FOHMA Hosiery Cost Index (HOSEX) - a first-of-its-kind cost index for any textile industry segment in the country. The index is aimed at enabling companies to benchmark their pricing to a systematic cost plus scenario and ensure the same is accepted by the market.

n The Government gave green signal to seven textile parks under SITP (Scheme for Integrated Textile Parks) in Rajasthan with a view to generate jobs and attract investments.

n Arvind Ltd is targeting a five-fold increase in sales of its premium fabric brand Tresca to ` 2.5 billion. The textile company also intends to increase its distribution network over nine-fold to 10,000 outlets over the next two years, especially across tier II and III cities.

n Kidswear brand 612 League intends to triple the number of its exclusive stores to 100 by March 2017, with focus on the northern and eastern regions in the first year. The Gurgaon-based company has set a revenue target of ` one billion in the current fiscal year.

n Owner of the W brand, TCNS Clothing plans to double its sales to ̀ 10 billion by fiscal year 2017 through store expansions, innovative product offerings and increase in online sales.

n Textile firm Mafatlal Industries Ltd aims to add another 90 family shops across India over the next three years to bolster its presence in the retail segment.

n Welspun India will supply terry towels to the organisers of Rugby World Cup (RWC) 2015 for the players and training officials, under the Christy brand. The company has specially designed and developed a collection of beach towels, quick dry sports towels and blankets for RWC.

n Siyaram Silk Mill inked a joint venture with Italian lifestyle brand Cadini. The textile player will manufacture and market Cadini brand in India, Sri Lanka and some Middle Eastern countries.

n Pakistan-based Sana Safinaz joined hands with domestic fabric retailer OCM, offering latest fashion for Indian women from across the border.

n Domestic textile player Digjam entered into a 51:49 joint venture with Scotland's premium fabric maker Holland and Sherry for distribution of their products.

n With a view to lure air travellers, French sportswear major Lacoste plans to open more outlets at major airports across India. The company plans to open eight new retail outlets this year, of which three will be at Hyderabad and Mumbai airports.

n In a bid to shore up long-term profitability, Filatex India plans to set up manufacturing facilities of 100 MT/day of polyester fully drawn yarns at its existing unit at Dahej, entailing a cost of ̀ one billion.

n Arvind Lifestyle Brands expects 70% of its total sales over the next couple of years to come from its retailing business of international brands. The company also aims to invest up to ` two billion every year to expand its retail network, with plans to add 300 more stores in the next two years.

TEXTILE & GARMENT INDUSTRY

Highlights

Fabrics production(Million sq. metres)

Cotton and Synthetic yarn production ('000 tonnes)

Cotton yarn production Synthetic yarn production

Textiles & Garments: Investment scenario* (` bn)

*Outstanding investmentsSource for all above charts: CMIE

360.0

380.0

400.0

420.0

440.0

460.0

480.0

500.0

Sep-1

2

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

0

50

100

150

200

250

300

350

400

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

4,400

4,600

4,800

5,000

5,200

5,400

5,600

5,800

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

TWO-WHEELER AND THREE-WHEELER INDUSTRY

Highlights

n US-based UM Motorcycles and its Indian partner Lohia Auto plan to launch the first cruiser bike in the country in February 2016.

n The TVS Group plans to invest around ̀ eight billion over the next three years including increasing plant capacities.

n Electric two-wheeler manufacturer Hero Electric, which is garnering 25% of its revenues from the online platform, plans to put greater emphasis on e-commerce platforms to boost sales of its electric two-wheelers.

n The US-based bike maker Harley-Davidson introduced updated versions of various models including Street 750 in the country. While price of the Street 750 has been hiked from ̀ 4.32 lakh to ̀ 4.52 lakh, its tourer bike Road King is priced at ̀ 25 lakh (ex-showroom, Delhi).

n Polaris India, a wholly-owned subsidiary of US-based off-road vehicle manufacturer Polaris Industries, is looking to almost double its sales network in India by end of 2016.

n Bajaj Auto introduced the Demon Black Edition of Pulsar RS 200. The Demon Black is priced at ` 120,000 (non-ABS) and ` 132,001 (ABS) (all prices ex-showroom Delhi).

n DSK Motowheels-Benelli launched limited edition gold colour for the superbike TNT 600i. The variant is priced at ̀ 5.58 lakh (ex-showroom Delhi).

n The two-wheeler company TVS Motor Company launched motorcycle Sport with new mileage and additional features, priced at ̀ 36,800 (ex-showroom, Delhi).

n India Yamaha Motor launched a single seat variant of its 150cc sports bike, YZF-R15 S at ̀ 1.14 lakh (ex-showroom Delhi).

n Hero MotoCorp will be introducing two new scooters Hero Maestro Edge and Hero Duet to strengthen its position in the growing scooter segment. While the Maestro Edge will be priced at ̀ 49,500, the top variant VX is priced at ̀ 50,700.

n Mahindra & Mahindra plans to launch its Peugeot Motocycles in markets of North Africa and Vietnam. Recently, Mahindra Two Wheelers Ltd had acquired 51% stake in Peugeot Motocycles, a part of the France-based PSA Group.

Two-wheeler: Domestic sales volume (mn)

Three-wheeler: Domestic salesvolume (Nos.)

Two wheelers & Three wheelers

Source: CMIE

Segments

Sep-15 Apr-Sep FY16

Vol (Nos) y-o-y growth (%) Vol (Nos) y-o-y growth (%)

Domestic Sales

Two wheelers 1,537,137 -1.1 8,118,668 -0.4

Three wheelers 49,524 -13.0 253,840 -10.1

Exports

Two wheelers 233,302 1.8 1,349,681 5.7

Three wheelers 44,730 23.0 247,061 23.4

Two & Three Wheelers: Investment scenario* (` bn)

*Outstanding investmentsSource for all above charts: CMIE

50

70

90

110

130

150

Sep-1

2

Dec-

12

Mar-

13

Jun-1

3

Sep-1

3

Dec-

13

Mar-

14

Jun-1

4

Sep-1

4

Dec-

14

Mar-

15

Jun-1

5

Sep-1

5

0

10000

20000

30000

40000

50000

60000

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Automotive

Passenger vehicle

Commercial vehicle

2 & 3- wheeler

For more information, please contact - Ankur Singh: 022 6680 1368

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