Auto Sales Vrooms 57% During Navratri Period

Overall auto retail sales saw a massive jump of 57 percent during the recently concluded Navratri period as compared to that of the last year, data released by the Federation of Automobile Dealers Associations (FADA) on Monday revealed.

All categories also showed high growth with two-wheelers, three-wheelers, commercial vehicles (CV), passenger vehicles (PV), and tractors increasing by 52 percent, 115 percent, 48 percent, 70 percent, and 58 percent, respectively.

“For the first time, FADA is releasing Navratri auto retail figures. When compared to Navratri 2019 (which was prior to Covid), total retails increased by 16 percent. Here too, all categories showed positive momentum with 2W, 3W, CV, PV, and tractors growing by 4 percent, 31 percent, 37 percent, 59 percent, and 90 percent, respectively,” said Manish Raj Singhania, President, of FADA.

Navratri was celebrated between September 26 and October 5 this year.

“Navratri retails clearly shows that customers were back in showrooms with all guns blazing after a gap of three years. In fact, the 2W category which was continuously showing weakness when compared to pre-Covid months also registered a single-digit growth,” Singhania added.

Industry insiders feel the trend is likely to continue in the ongoing festive period.

“We now hope that this trend continues till Deepawali so that apart from PV dealers who will see a decade-high during this festive, the 2W dealers also have a good season and hence helps them liquidate their stock which they have built in anticipation of a good festive,” Singhania opined.

The data does not have figures from Andhra Pradesh, Madhya Pradesh, Lakshadeep, and Telangana.

Vehicle retail data has been collated as on October 2022 in collaboration with the ministry of road transport & highways and has been gathered from 1,339 out of 1,411 RTOs.

A total of 5,39,227 units were sold during Navratri as against 3,42,459 units sold during the auspicious nights period last year.

A total of 3,69,020 two-wheelers were sold in this year’s Navratri as against 2,42,213 units sold in Navratri 2021.

A little more than while 1,10,500 passenger vehicles were sold during this time as compared to its 64,850 in Navratri 2021. (ANI)

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Stock Market Diwali Festival

Stock Market To Remain Volatile Ahead of Diwali Festival

By Gyanendra Kumar Keshri

Corporate earnings and the central bank’s action amid a slide in the value of the rupee are likely to keep the Indian equities markets’ key indices – Sensex and Nifty – volatile in the coming weeks ahead of the Diwali festival.

The country’s largest IT firm Tata Consultancy Services (TCS) is scheduled to kickstart the Q2 earnings season on October 10.

According to TCS earnings release, “Tata Consultancy Services Limited will announce its results for the Second Quarter of FY 2023, ended September 30, on Monday, October 10, 2022, after-market trading hours.”

It will be followed by the announcement of the quarterly results by other IT giants like Infosys, HCL Technologies, Wipro, and Tech Mahindra. HCL Technologies and Wipro are scheduled to announce Q2 results on October 12 followed by Infosys on October 13.

Markets will closely watch the profit margins and earnings forecasts by the IT giants, especially in view of the challenges being faced due to the US Federal Reserve action.

“High-frequency indicators point towards improvement in activity and the early trends of festive demand appears strong. As we enter the Q2FY23 earnings season, the focus would be on corporate commentary on demand and margins,” said Shibani Sircar Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company.

Going ahead, there are multiple global macro factors at play and higher interest rates and inflation are likely to be sticky in the developed world. Indian growth outlook appears stable and a relative outlier. However, given the outperformance of the Indian markets and with relative valuations appearing stretched, it is possible that markets see some volatility in the near term. In the medium term, the outlook for equity markets remains healthy, given the strength of domestic macro growth and corporate earnings trajectory, Kurian said.

During the week that ended Friday, the markets witnessed volatility. It started the week on a negative note but a rally in the middle of the week helped the key indices register decent gains.

The 30 stock S&P BSE Sensex ended the week at 58,191.29 points, registering a gain of 764.37 points or 1.33 percent during the week.

The broader Nifty 50 of the National Stock Exchange gained 220.3 points or 1.28 percent during the week. It closed at 17,314.65 points on Friday, the last trading day of the week.

On the last trading day of the week, the key indices witnessed selling pressure but turned flat towards the end of the day. However, the indices closed with marginal loss.

On Friday, Sensex closed 30.81 points or 0.05 percent lower, while Nifty ended the day with a loss of 17.15 points or 0.1 percent.

Besides corporate earnings, global developments will have a significant impact on the markets. In the past couple of weeks, the equities markets have been volatile mainly due to global developments.

The main factors to watch for are the likelihood of further aggressive tightening by the US Federal Reserve and the other central banks and the continuing depreciation of emerging market currencies, the potential for an economic slowdown in the global economy, according to Joseph Thomas, Head of Research, Emkay Wealth Management.

The Indian rupee has also been under pressure in line with the currencies of the other emerging markets. The rupee touched a fresh record low of 82.42 during the week. On October 7, the Indian rupee closed at 82.32 against the US dollar, which is 98 paise lower when compared with its September 30 closing of 81.34 against the US dollar.

The Reserve Bank of India (RBI) seems to be burning its kitty to defend the currency. Due to the RBI action, the performance of the rupee has been much better than the currency of the other emerging markets.

However, the RBI’s action has taken a toll on the country’s foreign reserves. India’s foreign exchange (forex) reserves slumped by $4.854 billion to $532.664 billion for the week ended September 30, the lowest level since July 2020.

This is the lowest level of India’s forex reserves since the week ended July 24, 2020. The forex reserves had slumped by $8.134 billion during the previous reporting week.

As per the Reserve Bank of India’s weekly statistical supplement, foreign currency assets, which are the biggest component of the forex reserves, dipped by $4.406 billion to $472.807 billion during the week ended September 30.

“Indian equity markets remained volatile during the week. Despite the volatility, India continues to outperform MSCI emerging market and MSCI world indices. Growth in India has been resilient even as developed economies grapple with slowing growth and higher inflation,” said Kurian.

The US Federal Reserve remained hawkish and raised key policy rates 75 basis points or 0.75 percent recently. The monetary policy tightening stance of the US Fed resulted in a decline in the equities markets globally. It has also put pressure on emerging markets’ currencies.

In India, RBI hiked the policy repo rate by 50 basis points to 5.90 percent, largely in line with consensus expectations, continuing to frontload tightening to counter inflation risks.

Going ahead it is likely that RBI’s rate decision would be guided by domestic considerations whereby average CPI inflation is expected to moderate in FY24. Higher than-expected tightening by the US Fed and geopolitical uncertainties remain the key risks, Kurian remarked. (ANI)

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Delhi Effigy Makers

Delhi Effigy Makers Back In Business After Two Bad Fiscal Years

Today is Vijayadashami, and the excitement of the festive spirit is at its peak!

Every year, Dussehra is celebrated to commemorate the triumph of good over evil as Lord Rama killed Ravana on this day. The festival is celebrated in full swing across the country, by burning the effigies of Ravan, Kumbhkaran, and Meghnath.
After a hiatus of a few years, the effigy business is getting back on track.

Earlier, we spoke to a local artisan from Titarpur in New Delhi – Naveen, and he revealed, “People are coming back in huge numbers to book Ravan effigies. Due to Covid, during the past few years, the business was not so good, but things are getting better now and customers are back. But now, the rates of effigies are a bit high as compared to previous times, now it costs Rs 500 per foot. We began the preparation 2 months ahead of the festival and we start the deliveries 2 days before Dussehra.”

“During Covid, Ravan idols were made in fewer numbers, we used to create only small mannequins of 5 feet and 10 feet, for the common people who can burn those effigies on the streets. But this year, the situation is quite different, we are celebrating every festival and the effigy business is also going really well, and the craze among the people for Dussehra is very high and we are flooded with bookings this year. This year we will see a good hike in sales, we have been working day and night for the past two months to create these effigies. We create effigies from 5 feet to 50 feet and the pricing begins from Rs 500 per foot, “Sonu, a local artist said.

On being asked whether the firecracker ban has affected the sales in Delhi or not, Naveen said, “No, it doesn’t matter, we only construct the effigies, it’s the customer’s choice to put firecrackers in it or not, they do it by themselves.” People opt for eco-friendly firecrackers to create less pollution during Dussehra. “

In a conversation with ANI, effigy maker Poonam said, “Yes, we are facing a big loss due to the firecracker ban by the Aam Aadmi Party in Delhi.” Every year, CM Kejriwal puts a ban on firecrackers, during Diwali everyone bursts crackers, but only during Dussehra, he put a ban on them. We don’t put crackers in the effigies, people bring them and put them on their own. But because of the ban, there has been a huge downfall in the number of clients. Mostly, the customers cancel their already booked orders due to the ban. If the government doesn’t want us to do our business, then simply tell us. We don’t want to face loss at the last moment. “

“The number of firecrackers has now been reduced from 500 to 300 by CM Kejriwal. We don’t put crackers in the mannequins, that’s the customer’s call whether to put crackers or not,” Mahendra Karari, Ravan effigy creator told ANI.

Apart from making effigy during the festive season, local vendors indulge in their different businesses for the rest of the year for their source of income.

“Dussehra festival comes once a year, and we have our other source of income as well. I am a driver for the whole year. But during Dussehra, I make Ravan since my childhood in Titarpur, said Naveen.

Karari said, “We work in the hotel line during the whole year, and some of our work in brass bands during the marriage season, and some people work at local sweet shops.”

In some regions, the celebration—also known as Vijayadashami—celebrates Goddess Durga’s triumph over the buffalo demon Mahishasura. (ANI)

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Muslims Puja Pandal In kolkata

Festive Spirits Return To Pre-Pandemic High In Delhi

After a hiatus of 2 years, the festive fervor is back in New Delhi’s mini Bengal, Chittaranjan Park, which is known for its Durga Puja celebrations.
From huge beautiful Maa Durga Pandals to drooling dishes, the preparations of the festival are in full swing and the devotees are all set to celebrate Durga Puja just the same way in the pre-pandemic era.

Ashish Shome, Treasure, Azadi Ka Amrit Mahotsav themed pandal, CR Park told ANI, “In 2022, we are going to celebrate the 47th year of this Durga Puja, during last two years of Covid-19 we could not perform Durga Puja in a proper way, but this year we are coming back just like the same way in 2019, same scale and the same enthusiasm. This year our theme is Azadi Ka Amrit Mahotsav and we will be having a big flag on top of the pandal, we are going to organize many cultural events for entertainment purposes. But due to Covid, this year’s money flow is not up to the mark, so we are not spending a lot of money on these events, but in other areas, the celebrations will be the same as in 2019.”

‘Dhakis’, the traditional drummers without which the celebrations of Maa Durga festival are incomplete can be seen back in CR park.

In conversation with ANI, Partha Banerjee, Committee member, CR Park, said, “This year we have been advised by the police not to invite any big celebrity during Durga Puja to avoid the unnecessary crowd. Last year due to Covid, Durga Puja celebrations were done at a minimum scale, we are told to follow all protocols, to wear masks, and maintain social distancing, this year there are no such restrictions, but it’s being celebrated after 2 years so this time the crowd is going to be large in numbers, much more than 2019. Previously we had a footfall of over 1 lakh people every day, even more than that on Ashtami and Navami. But this year we just can’t imagine how massive it’s gonna be. But we are prepared for that and we are taking all the precautionary measures. We have our own bouncers and police support.”

The Hindu festival of Durga Puja, also known as Durgotsava or Sharodotsava, is a yearly celebration that honors the Hindu goddess Durga and commemorates her victory over Mahishasur.

Over the years, Durga Puja has become an inseparable part of Indian culture with innumerable people celebrating this festival in their own unique way while pertaining to tradition.

Hindu mythology holds that the goddess comes to her earthly abode at this time to bless her devotees. For the Bengali community, Durga Puja is the biggest festival. This year Maha Shashti falls on October 1 and Vijaya Dashami on October 5.

The significance of Durga Puja goes beyond religion and is revered as the celebration of compassion, brotherhood, humanity, art, and culture. From the reverberation of ‘dhaak’ and new clothes to delicious food, there remains a merry mood during these days. (ANI)

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An Apt Occasion To Dispel Darkness

Like last year ruined by Covid-29 pandemic, there are too many trepidations as one approaches Diwali. But an economy perceived as picking up faster than expected and the pandemic, after wreaking havoc earlier in the year, coming under relative control, have made the festival an occasion to look forward to, albeit with abundant caution.

The old innocence about Diwali, with crackers, sweets and lights, vanished long ago. There are more problems now than one can count, leave alone resolve. Think of the air pollution across the North and climate change-induced weather disturbances across the Indian peninsula. When did it rain last time, after Dusserah?  

Each one carries depressing caveats. Covid-19, although downgraded as epidemic as some experts say, is not about to go away soon. The neglect and laxity are widespread as people move out in crowds, unmasked, and unleash their pent-up spending power. This could mean a return to the lockdown days and also generate inflation. Fears on both counts are daunting.  

Next, there is this problem of statistics. Vaccination has certainly made a positive impact. But the billion-plus mark is of “at least one shot”. It is not enough till the second is administered. Experts recommend a third booster for the more vulnerable sections. The old and infirm who cannot visit a clinic/hospital are still not covered. The actual figure is 21 percent of the adult population administered both shots. Claims, made from the roof-top as it were, are misleading and could infuse laxity among the public. A third wave will be worse than the first two, what with new variants looming over the health horizon. Are the official claims, then, aimed at motivating public for key state assembly elections early next year?

All these are mundane issues on which facts and perceptions vary. So, how does one celebrate Diwali-2021? Ideally, its essence lies in the Sanskrit sloka, ‘Tamaso ma jyotirgamaya’ which means “Lead me from darkness to light.” We have to light the lamp of hope and happiness, of prosperity for all and of knowledge to dispel sorrow, poverty and disease. This journey needs to be both inner and external. Noble thoughts.

But when we seek to light lamps to celebrate victory of good over evil, we confront attempts at changing the very definition of what is good that should be preserved and promoted and what is evil that needs to be discarded and destroyed. 

Take, for instance, a message urging don’t burst the crackers to limit pollution is consciously and deliberately misinterpreted as having “hurt the sentiments” of one community because the message-giver belongs to another.

Another message, attributed to a “Union Home Ministry” official reads: “According to intelligence, since Pakistan cannot attack India directly, it has demanded China to take revenge on India. China has filled firecrackers with special types of firecrackers, which are toxic to carbon monoxide gas, to spread asthma in India. Please be aware this Diwali.” What should one make out of this? Blind, irrational hatred for people next door? Or is it commerce, as imported Chinese crackers have overawed India’s ₹5,000 crore fireworks industry?

We need to be reminded of what we grew up learning, that Diwali has been everyone’s festival in India. A school-book essay talks of Ram’s return to Ayodhya after the victory in Lanka.  It tells of the legend from the Mahabharata, that on Karthik Amavasya, the Pandavas, on returning from their exile, were welcomed with lighting of lamps and distribution of sweets. This is mythology.

The same essay quotes history, of Hindu king Vikramaditya’s coronation marking the beginning of the Vikram Samvat, a new calendar.  It points to Diwali’s significance to Jains as Lord Mahaveera attained Nirvana, or eternal bliss, that day. The Sikhs celebrate Diwali to commemorate the freeing of Guru Hargobind from captivity by Mughal Emperor Jehangir and laying of the foundation stone for the Golden Temple in 1577.

Diwali is the festival to dispel darkness of ignorance. But we are being made to forget both mythology and history.

Fast-forward to the present-day contentions that seek to divide us. They rake up controversies on clothes to wear, food to eat, even sports and sportsmen. A major jewellery maker last year and a garment chain this year had to drop their advertising campaigns simply because their lines were in Urdu. Deliberately, this language is linked to Muslims and Muslims, to terrorism. This is not how we were nurtured in independent India.   

Cricket skipper Virat Kohli offered to give “meaningful tips” on how to celebrate Diwali. Someone smelt the rat that probably did not exist. He was asked to focus on the match on the social media (probably, because India was playing against Pakistan) and not pontificate on Diwali. Kohli and his team lost that match, and hugged the winning Pakistani skipper. This made him a double-pariah. Wrath was heaped on paceman Mohammed Shami.    

Much has already been said, written, broadcast and telecast on Shahrukh Khan and his son’s drug episode. It is undergoing multi-layered trial in police station, in court, in interrogation cell and custody — and in the political arena. Facing his worst crisis, perhaps, SRK has maintained a dignified silence. Talking for him on Diwali-eve is his Cadbury endorsement that supports the small and medium Indian entrepreneurs trying to survive the multinational retailers’ onslaught. Chak De India!

One talks of Bollywood, certainly not as the nation’s benchmark, but as a visible symbol of what people aspire while living their mundane lives. Its rich and famous are within the ‘grasp’ of anyone. This make-believe grasp helps where politicians and others privileged classes have proved elusive. 

It’s not easy when those on the social media get blood-thirsty, shooting down the very stars they admire. Bollywood is in the dock, paying a price, lyricist Javed Akhtar says, for being “high profile.”  Websites of even top-ranking media houses now live off salacious stories of its celebrities. Diwali is only commerce for them.  

In better times, many of these stars visited Mumbai’s popular shrines at Mahalakshmi or Siddhi Vinayak. In 2009, one recalls, the Khans, the Kapoors and the Kumars en masse walked the ramp at Diwali fashion festivals. This is one time of the year when they like to be with their families and be seen as family persons.

This year, they are looking over their shoulders before saying or doing anything. And perhaps, humming that old ditty: “Ek woh bhi Diwali thi, ek yeh bhi Diwali hai…” No need to translate. The contrast is clear.

The writer can be reached at mahendraved07@gmail.com

The Coronavirus cannot Dampen The Diwali Festive

‘Guru Nanak & Ganesha Share The Altar On Diwali’

Anu Mann, 54, a teacher and theatre artist, says due to Covid-19 this year she will miss celebrating Diwali with friends and playing card games. But nothing can dampen the festive spirit in her heart

I haven’t missed a single Diwali celebration in my life, though a few have been a little mellow. This year too, the coronavirus cannot dampen my spirit when it comes to Diwali festivities (within the prescribed norms, of course). Maybe we can’t meet a lot of people, but my love for Diwali isn’t going to lessen one bit.

I buy new clothes for Diwali every year and take great care to look my best. It has been so since my childhood. My father was a bureaucrat and we called many a city home, and festivals almost always meant the time when you accepted a city or town completely.

I was a naughty child and crackers were my favourite thing during Diwali days. Back then it was different. There was no talk of pollution control; only budgetary controls meant nobody went crazy bursting too many firecrackers that may cause discomfort to others.

As a child, Mann loved bursting firecrackers on Diwali as pollution was not an issue then

After marriage, I became an Army wife and my husband was a part of, let’s say, a non-Sikh regiment. As is the glorious tradition of Indian Army, one follows the religion of the regiment. I must say the Diwalis that we spent during the peace postings were the best: full of fun, colours, laughter, lots of good food and to-die-for Diwali melas.

But when my husband used to be in field postings, the festival would be a subdued affair but would be celebrated nonetheless. In our family, Diwali was celebrated even the years when I lost my father and father-in-law. They were both people who always used to be full of life and Diwali meant we celebrated the spark of life in them that had touched many lives.

My son has inherited our love for the wonderful festival and even though he lives in Canada, he misses Diwali and Guru Purab a lot. I wish he could travel and come be with us this year, but the pandemic has proved to be a dampener. Next Diwali we hope our family can be together. Not only my son, I will also miss my friends with whom I used to play card games during Diwali.

Diwali is the beginning of festive season for Mann

I love seeing people happy and always tip my house helps and other staff generously before Diwali. I want everyone to feel abundant. I put lot of love and effort into getting my house Diwali-ready. On chhoti Diwali I go to the Gurudwara and light candles to mark the beginning of this beautiful festival. And since Guru Purab comes soon after Diwali, I get into a different mood starting Diwali; it’s the happiest time of the year for me.

The altar at my home has Guru Nanak Dev Ji and Lakshmi & Ganesh Ji sitting side by side during Diwali. Blessings jahan se mil jayein le lena chahiye (Gather blessings from wherever they come). I love life and Diwali serves as the time when the joy of my being explodes. The pandemic has perhaps shown us that we need to love life and respect each other if we want a happy world. Let the festivities begin! Happy Diwali!

ALSO READ: ‘We Celebrate All Festivals But Diwali is Special’

Celebrate Diwali Festival

‘We Celebrate Festivals Of All Religions But Diwali Is Special’

Noor Afshan Mirza, a 24-year-old HR professional in Delhi, goes home every year to celebrate Diwali with her Hindu friends and neighbours in Lucknow. This city gives you best of both worlds, she tells LokMarg

I am currently working in Delhi, but whenever I think Diwali, I think home, which is Lucknow. Call it the influence of a city that prides itself on the confluence of cultures, the Ganga-Jamuni tehzeeb, or just the way my parents, especially my mom, brought us up, Diwali is very close to our hearts.

My younger brother and I have always been big on celebrating Diwali and go all out in ensuring we have maximum fun. My mother runs a boutique and on all the festivals, be they of any religion, I get brilliantly stitched new suits. So Diwali also means new suits for me.

My parents have taught us that the true worth of a festival is in it being celebrated with people. So right from my childhood, every Diwali my mom and I as part of the NGO we have been running for long, take lots of chocolates, mithais, candles, a few small crackers etc. to slum areas in Lucknow, so that no house remains unlit on the special night. The poor can’t afford fancy lights, so we make sure we can gift everyone a little brightness. This year it has been a little difficult to carry out the exercise because of the pandemic.

Noor loves Rangoli competition event in office ahead of Diwali

As I moved from my school life to my professional life, I realised I could make more people feel included and involved as an HR professional. You know how HR professionals are responsible for organising festivities in offices. Diwali has got to be my favourite festival to organise, and among these, Rangoli competitions my favourite. But this year our office has very few people coming in, so few festivities in office this year.

Every year I take chutti on Diwali and run off to Lucknow. Last year I had the best Diwali celebrations ever at my mother’s friend, Sunita Aunty’s home and I am super-excited to be a part of her Diwali celebrations again in Lucknow this year.

WATCH: ‘No Festive Season For Shopkeepers This Year’

Of course the festivities will be organised differently at her home this year, keeping social distancing and other measures in mind, but I am sure it will still be as much fun. The tenants at our home are all Hindus and together we cook and make rangolis, deck up the terrace with diyas and gorge on mithais. I am so glad I get the best of both worlds, Islam and Hinduism. I take beauty and grace from wherever it is available.

Among all this I forgot to add that on chhoti Diwali my mom and I go to the Shaheed Smarak at Lucknow and light candles as a mark of respect to those who went before us.

It wouldn’t be out of place to say that Diwali is also the day I celebrate my mom, her spirit of resilience and the capacity to see beauty everywhere. Without her liberal upbringing we would have never known just how beautiful the world is or can be.

She is the light of my life and someone who constantly helps me walk on the path of enlightenment. In our family we love to laugh a lot, and a smile can light up everything around it. Even if not a single cracker is allowed, nobody can take away a cracker of a smile or an explosion of laughter. Happy Diwali!