Maruti Suzuki up 2% as company’s production rises in November1 min read . Updated: 09 Dec 2019, 10:14 AM IST
- At 0956 am, Maruti Suzuki’s stock was a shade higher than 2% at ₹7,023
- The Sensex, on the other hand, was a tad lower at 40,424.29 points
NEW DELHI : Shares of India’s largest car maker Maruti Suzuki India (MSI) rose 2% in early deals on Monday. The company on Sunday said it raised production in November by 4.3%, after having reduced output for nine straight months due to lower demand. Maruti produced a total of 1,41,834 units in November as against 1,35,946 units in the year-ago month, it said in a filing to the exchanges.
At 0956 am, Maruti Suzuki’s stock was a shade higher than 2% at ₹7,023. The Sensex, on the other hand, was a tad lower at 40,424.29 points.
Domestic automobile sales have been on a precipitous decline since the September quarter of 2018-19 due to an overall slowdown in consumption and liquidity crisis at financial institutions after the collapse of Infrastructure Leasing and Financial Services Ltd.
Maruti’s wholesales during April to October 2019 fell 20.4% to 958,373 vehicles.
The increase in vehicle production in November follows a 4.5% year-on-year growth in wholesales, or industry dispatches, of Maruti in October to 144,277 units. This was the first increase in seven months for the company thanks to a high level of discounts across most of its product range.
In November, however, Maruti’s wholesales declined 3.2% year-on-year to 141,400 units.