Ashok Leyland, which is set to raise commercial vehicle prices this month, posted a 5 per cent increase in total sales for December to 16,957 units.
India's second-largest commercial vehicle manufacturer also said that domestic sales grew 4 per cent to 15,713 units for the month. Medium and heavy commercial vehicles alone saw a 6 per cent jump to hit 10,488 units, while light commercial vehicle sales were flat at 5,225 units.
This points to a positive start to the new year in the stock market, with manufacturing and automotive expected to see significant growth after what had been a lacklustre 2024.
Markets in India climbed early on Thursday despite the rupee sitting closer to its all-time low. This was also helped by healthy buying of IT and bank stocks, pushing Sensex and Nifty up by at least 242 points and 69 points, respectively.
December seemed to be a time of recovery for businesses in general with gross GST collection jumping 7.3 per cent for the month to hit Rs 1.77 lakh crore.
Despite the positivity, foreign investors continued to offload equities. On Wednesday alone, FIIs offloaded stock worth Rs 1,782.71 crore.
In Thursday morning forex trade, the rupee shed 11 paise to hit Rs 85.75 against the dollar—edging closer to its all-time low of Rs 85.80 vs the dollar. In 2024, the dollar gained over most currencies, especially in the second half. The Trump win, demand for the dollar due to global uncertainties, and persistent foreign fund outflows from various emerging markets strengthened the American currency.
Indian stock market, which saw a slew of IPOs in 2024, is already readying itself for the first public offering on January 6, Monday. Telangana-based Standard Glass Lining Technology Ltd looks at a Rs 410.05 crore offering at a price band of Rs 133-140 per share.
