Passenger vehicle sales may hit record 38,000 units this fiscal

18 Nov 2022 CW Team

Passenger vehicle sales in India could hit a record of over 380,000 units in FY23, but the strong growth momentum is not expected to carry over to 2023-24, with pent-up demand already been released, according to Tata Motors Passenger Vehicles managing director Shailesh Chandra.

There could be a moderation on offtake of passenger vehicles (PVs) in the third quarter of the ongoing fiscal, picking up again in the fourth quarter, but the growth rate in FY24 would also depend on the impact of a new set of regulations such as BS VI phase II and new safety regulations kicking in next year, he told analysts.

The first half of FY23 was very strong for the PV industry with nearly 1.9 million vehicles sold, said Chandra, who is also the managing director of Tata Passenger Electric Mobility Ltd.

“Typically, you would see a 48:52 kind of a ratio between H1 and H2. This time, you're going to see nearly 50:50 kind of a ratio. So, it's going to be a very strong year, highest-ever industry volumes is what we are going to witness in this financial year, possibly going up to 3.8 million-plus,” he said.

In 2021-22, according to the Society of Indian Automobile Manufacturers (SIAM), PV sales in India were at 30,69,499 units. The record for highest PV sales in India was in 2018-19 when 33,77,436 units were sold.

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..