India's largest truckmaker Tata Motors Ltd. clocked a five percent jump in domestic sales in October, led by positive customer sentiment and rising demand in the pickup segment, the company said.
Domestic sales of commercial and passenger vehicles increased to 48,886 units last month on the back of a 7 percent increase in commercial vehicles sales, Tata Motors said in a stock exchange filing.
Commercial vehicle sales rose 7 percent to 32,411 units, driven by a ramp-up of production, growing acceptance of new products and increased consumption in the festive season.
Medium and heavy commercial vehicles segment saw an uptick of 8 percent year-on-year to 11,391 units, “with increased government expenditure on infrastructure and restrictions on overloading resulting in renewed demand for new high tonnage vehicles,” according to the filing.
Intermediate and light commercial vehicle sales grew 7 percent to 3,760 units on account of new product launches.
A big surge was witnessed in the pickup segment, including cars like Tata Xenon Yodha and ACE Mega XL, that reported a 45 percent increase in sales to 5,604 units.
The small commercial vehicle cargo segment witnessed flat sales growth at 8,413 units whereas sales in the passenger carrier (including buses) segment dropped 17 percent to 3,243 units.
Passenger vehicles segment sales rose marginally by 1 percent to 16,475 units in the month.
Exports sales declined 32 percent from last year to 4,311 units, as Sri Lanka and Nepal markets continued to disappoint, the company said.
Shares of the company rose 1.86 percent to Rs 436.35 on the National Stock Exchange post the announcement.
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