"Medium and heavy commercial vehicles (M&HCVs) in the first five months (of the current fiscal) saw almost a flat growth, a very negligible 2.5-3 percent. And this growth is triggered by tippers used in construction, mining and irrigation projects," Rajesh Kaul, Business Head, Medium & Heavy Trucks, Tata Motors, said.
Siddharth Lal, CEO, Eicher Motors Ltd says the hike in excise duty to 12% announced in Budget 2012, along with inflationary pressures and cost of raw materials is likely to lead to a subdued quarter for commercial vehicles.