Maruti Suzuki rises 2% on September sales figures

NEW DELHI: Maruti Suzuki Ltd surged over 2 per cent on Monday after India’s largest carmaker reported nearly 10 per cent (YoY) rise in its total sales at 93,988 unites for the month of September.

At 11:20 am, Maruti Suzuki was trading 1.7 per cent higher at Rs 1373.60. It has hit a low of Rs 1350 and a high of Rs 1381.95 today.

Domestic sales during the month surged over 12 per cent to 88,801 units, compared to 78,816 units in September last year; while exports during the month stood at 5,187 units as compared to 6,749 in last year, down 23 per cent.

Maruti Suzuki India reported 40.8 per cent decline in the total sales for August at 54,154 units as against 91,442 units in the same month last year, hit by a month-long lockout at its Manesar plant due to violence.

Domestic sales during the month stood at 50,129 units, compared to 77,086 units in August last year, down 35 per cent, Maruti Suzuki India (MSI) said in a statement.

“The company had lifted a month-long lockout at its Manesar plant on August 21,” PTI reported. The plant was closed following violence and arson on July 18 in which a senior company official was killed and 100 others injured.

Brokerage Views:

HSBC maintains ‘neutral’ view on the counter and has raised its target price from Rs 1200 earlier to Rs 1450. Barclays maintains ‘overweight’ rating on the stock, and has also raised its target price to Rs1444.10 from Rs1378.47 earlier.