September saw a year on year increase of 30% in local car sales, from 129,684 to 169,082 according to SIAM (source: http://www.foxbusiness.com/markets/2010/10/08/india-september-local-car-sales-table-data/).
According to SIAM, manufacturers have been focusing on local rural areas in an attempt to boost sales. Global names have turned to India as a hub for small cars in response to the country's economic revival, as loans and finance become more readily available once again. India's car sales are now projected to grow by a further 5% this financial year, up on previous projections of 13-15% (source: http://www.defence.pk/forums/world-affairs/75778-india-car-sales-hit-record.html).
About Resource Exchange of America Corporation
Resource Exchange of America Corporation is working to become a recycling powerhouse by rolling up companies within asset recovery, processing and brokering of ferrous and nonferrous scrap metal. With its access to deep-water ports, the company will be able to sell the scrap metal to clients domestically as well as abroad. Resource Exchange of America Corporation will bring together the best companies within the recycling industry and elevate them to excellence, drawing on the strengths of the individual companies while combining forces to achieve synergies and be able to tackle the biggest jobs.
Ivy Investment Group
Disclosure: Long RXAC