Last Updated : 17 October 2009 at 14:50 IST
Indians line up for gold, cars on Dhanteras
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In fact, in all Indian cities people lined up before car showrooms and jewellery shops, giving an indication that recession is a thing of the past. In Ahmedabad, Gujarat’s main business city, unprecedented crowds near jewellery shops and car showrooms caused traffic blocks at several places. Gujarat’s another bullion city Rajkot also witnessed huge crowds outside jewellery shops.
Dhanteras is considered auspicious, particularly by the business community, to invoke Laxmi, the deity who endows people with abundance.
The purchase of gold, silver or metals on this day is a sign of luck. With the exception of the South, where most states are still recovering from the impact of the recent floods, showrooms across the country were packed on Thursday.
Most customers timed vehicle purchases with the auspicious day. An estimated 20,000 cars were delivered on Thursday, the highest in a single day ever.
Maruti Suzuki, which sells every second car in India, cleared all its inventories with dealers in a day. The company sold over 7,000 cars on Dhanteras this year against around 4,000 last year.
Customers also rushed to buy gold, even if prices are currently ruling at 25-30% more than last year, at Rs 16,000 per 10 gm. It closed down more than a per cent down on Thursday at Rs 15,820, tracking international gold. Fearing that prices may go up further, buyers returned to the market to make most of the Dhanteras offers being extended by retailers.
Industry experts expect prices to reach Rs 18,000 per 10 gram in the next few months.
There was a huge rush for gold-linked investment, particularly gold coins, on Dhanteras and despite the surge in prices, the overall buying mood was bullish. Several jewellery groups witnessed up to 25% growth in sales of diamond jewellery and around 10% growth in sales of gold jewellery on Thursday, with the northern region constituting the bulk of sales.
Jewellery brand Tanishq, part of Tata Group’s lifestyle retail company Titan, has witnessed sales growth of over 30% since Durga Puja this year over the same period last year.
As far as consumer durables go, sales clocked up to a 30% rise. The overall mood in the market is positive with strong consumer buying sentiment.
For LG, the growth was spread across product categories. LG sales in the northern region were very high.
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