Despite the 8% appreciation of rupee since April 2007 and the fact that it had badly hit sectors like textile and IT, the Indian automobile industry actually witnessed a double-digit positive growth in absolute numbers during the financial year 2007-08, thanks to Companies foraying into newer Markets, several new launches and a gradual shift from dollar driven countries to Euro nations. Auto major Maruti Suzuki India Ltd (MSIL) posted 34.9% jump in exports during this period at 53,024 units as compared to 39,295 units during the same period last year. Hyundai Motor India Ltd also witnessed a growth of 25.03% to 1,44,442 units, against 1,15,525 units in the corresponding period last year. Even Tata Motors' cumulative sales for exports went up by 3% to 54,272 units compared to 52,796 units exported sold last year. "Export of OEMs like Maruti and Tata Motors has largely gone up for the basic reason that these players are exploring newer Markets as they want to establish their brand overseas. Also, due to really small volume of passenger cars exported by these manufacturers, their objective is not to make profit but to expand footprints across developing countries,' says Abdul Majeed, auto analyst and partner, Price Waterhouse. "However, for Hyundai the fact that the company has developed India as its export base, it would be inevitable to pull down exports,' says Majeed, adding that though the bottom line would have been impacted due to rupee appreciation but that will not prevent these players to foray into newer Markets. Adds an industry expert, "With euro comparatively more stable vis-