Newspaper reports reveal that Indica sales posted 5.9% decline in October 1999.
TELCO is India's largest medium/heavy commercial vehicles (M/HCV) (65% market share in August 1999) and light commercial vehicles (LCV) (63% market share) manufacturer. It also manufactures utility vehicles (28% market share) and passenger cars (7% market share).
Indica's sales decline in October is in contrast to the sales performance of Maruti. Daewoo and Hyundai sales figures for October were not available. TELCO was adversely affected by the weeklong transporters' strike, which hampered vehicle despatches to locations across the country. However, Maruti posted 24% sales growth in October despite the strike.
Analysts have flagged 'LONG TERM BUY' on TELCO in view of the company's disappointing 2QFY2000 results.
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