One of India's pioneering equipment producers, Caterpillar Inc., has reported a remarkable rise in the sales of its excavators, bulldozers and mining truck in the first quarter of this fiscal year.
The sales have been surged by nearly 11%, according to the Company's dealers, during the May quarter.
The Company had posted its last increment in the sales in September 2008. In North America, the sales surged by 15% during the quarter, rising for the first time since August 2006.
The sales have risen remarkably, when compared with that in the same quarter of the previous year. This rapid rise has been contributed by the increase in the demands from the mining giants in US.
The Company is planning to put in as many as $700 million, in order to manufacture a new series of mining shovels and trucks for use, both in India and the US.
"We continue to see improving trends around the world. There is a lot of strength in the machine side", said Jeff Windau, an analyst for Edward Jones & Co.
Across Asia, the Company witnessed a rise of 38% in its sales, during the quarter. The engine sales rose by 20% and 27% in the petroleum business and the marine sector, respectively.