Mahindra & Mahindra, Toyota Motor Corp, and Kia Motor reported higher car sales in June, driven by demand for sports utility vehicles (SUVs). Mahindra's total car sales grew 11.2%, lower than estimates, while Toyota and Kia saw 40.1% and 9.8% growth, respectively. The auto sector contributes 7% to India's economy. Meanwhile, Bajaj Auto's two-wheeler sales rose 5.1%, beating estimates.
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The European market surged early Monday, with Paris' CAC 40 up 2.8% and Germany's DAX climbing 0.9%, as the euro rose to $1.0770 after France's far-right National Rally gained a strong lead in legislative elections. The euro's gain was likely due to relief over the far-right parties not gaining more votes than expected. In Asia, Japan's Nikkei 225 added 0.1%.
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Challa Sreenivasulu Setty has been chosen as the new chairman of State Bank of India, succeeding Dinesh Khara. Setty, a senior most MD, has a strong CV with work experience across every major vertical of the bank for over three decades. Outgoing Chairman Khara is leaving a strong balance sheet with the lowest GNPA in a decade at 2.24% and a net NPA of 0.57%.
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