Maruti Suzuki share price gains as sales figures show growth

The share price of Maruti Suzuki jumped almost 2.5 per cent on Saturday morning after the auto giant announced growth in sales from 1,51,721 units in January 2019 to 1,54,123 in January 2020. The auto industry has witnessed a slow growth in auto sales throughout the last year. The scrip was trading at Rs 7,085 during early trade.

Maruti’s mini + compact segment, which includes offerings like Alto, WagonR, Swift, Baleno, and Ignis saw a growth of 11.4 per cent from January 2019 as the company reported a sales figure of 1,10,225 units for the month of January 2020. Mid-size segment offering Ciaz, however, saw a slump in sales as numbers came in at a disappointing 835 units down 71.5 per cent from a year-ago period.

Total Passenger car sales grew 9 per cent to touch 1,11,060 units. The same, however, decreased to 9,02,403 units in the Apil-January period of 2019-20 a slump of 16.7 per cent.

Exports grew by 0.6 per cent as the number reached 9,624 units in January 2020.

Showing that the sales figures during the previous year were dismal, the company reported that total sales during the period April-January 2019-2020 dropped down 14.4 per cent as compared to the same period in 2018-19.

Maruti was among the top gainer on Nifty 50 as Finance Minister Nirmala Sitharaman announced plans to double farmer’s income as a part of her Union Budget 2020. NIfty 50 was trading at 11,966 or 0.04 per cent up while BSE Sensex was up 0.10 per cent at 40,763.

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