Cars outshine gold on Dhanteras in Chandigarh | punjab$chandigarh | Hindustan Times
Today in New Delhi, India
Nov 21, 2017-Tuesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Cars outshine gold on Dhanteras in Chandigarh

Gold failed to attract many customers this Dhanteras on Monday owing to liquidity crunch in the market, resulting in 50-60% less business as compared to previous year. Buyers for gold jewellery were far and few despite the fact that the price of gold this time has been the lowest in recent years. The rate of 22-carat gold per 10gm on Monday was Rs 24,900.

punjab Updated: Nov 10, 2015 15:54 IST
Tanbir Dhaliwal
New models of four-wheelers sold the most this Dhanteras on Monday.
New models of four-wheelers sold the most this Dhanteras on Monday. (Karun Sharma/HT)

Gold failed to attract many customers this Dhanteras on Monday owing to liquidity crunch in the market, resulting in 50-60% less business as compared to previous year. Buyers for gold jewellery were far and few despite the fact that the price of gold this time has been the lowest in recent years. The rate of 22-carat gold per 10gm on Monday was Rs 24,900.

On the other hand, sales of vehicles went up as nearly 500 four-wheelers of different companies were delivered on Monday across the tricity.

Jewellers blame the less cash flow in the market and ‘gold kitties’ being run by women for the poor business. Interestingly, people, instead of buying new jewellery items, preferred to exchange the old one with new designs.

Rajeev Sahdev, president, Chandigarh Jewellers’ Association said, “Today the market is down, there is no customers at all. Most of the customers are the ones who want to exchange old gold items with new designs. The business this Dhanteras was roughly 40% of what we did last year.”

Another jeweller, Vinod Talwar, said, “Our expectations were this Dhanteras, but we are disappointed. In comparison to last year, the business was roughly 60% down this year.” Talwar blamed kitties run by women who sell gold at less rate than the market price as they do not have to pay the Sales Tax for the poor business. “Gold coins are in great demand and their availability is less. In silver, coins and idols of Lakshami and Ganesha are in great demand.”

On the trend of buying, jeweller Pardeep said, “Whatever customers we are getting, most of them are opting for small items such as coins, mini-idols, chains and pendants.”

Silver idols, especially those of Ganesha and Lakshmi, sold like hot cakes this Dhanteras. The price of silver per kilo on Monday was `37,000.

Shopkeepers selling steel utensils also did good business.

Auto dealers do roaring business

Car dealers in Chandigarh registered good sales on Dhanteras as about 500 four-wheelers were delivered on Monday. Maruti-Suzuki cars were the most preferred as about 200 units were sold in the tricity.

Nitin Mehan, MD, Autopace Network Pvt Ltd, said, “At our centre, we delivered 70 cars on Monday. At the Nexa outlet, around 30 cars were sold. About 200 Maruti cars were handed over to customers in the tricity on Dhanteras.”

Umesh Sharma, marketing officer from CM Autosales said they delivered about 100 Maruti cars on Monday.

As per reports, as many as 100 Hyundai cars were sold on Dhanteras, which people consider auspicious for buying metal.

Ranjeev Dahuja, director of Berkeley Automobiles Limited said, “We sold 20 Tata and 50 Hyundai cars on MOnday. There are five more Hyundai showrooms, and total sales would be around 100-125 four-wheelers.”

As far as sales of Honda cars is concerned, the company sold about 55 units from three outlets in the tricity.

On the overall response, Varinder Saluja, president, Car Dealers’ Association, said, “Sales are good this time, but I would say that the market is not good for automobile sector. This year, there were hardly any customers during navratras and these people who are buying cars on Dhanteras had done their bookings a month ago.”

“It is not that we got new customers on Dhanteras; people had booked vehicles in advance and waited for the delivery till Monday,” he added.

SDMs inspect prominent markets

The three Chandigarh sub-divisional magistrates (SDMs) carried out inspections across the city to check illegal sale of crackers here on Monday. SDM (South) Kashish Mittal led a team of officials of the civil defence organisation, fire department, pollution control board, Chandigarh police and inspected shopping areas in Sectors 32, 33, Attawa village and Burail in Sector 45. The SDM checked sand bags, fire extinguishers and water containers and minimum distance between two cracker stalls. The SDM warned of strict action against traders found violating the safety norms. Similar drives would continue for the next two days. SDM (East) Danish Ashraf inspected cracker shops in Sectors 19, 20, 27, 28 and Sector-26 Grain Market. Another team carried out checking in Manimajra.