Maruti jumps on better Oct sales

Maruti is riding well today morning with October sales numbers coming in. The stock, which opened at 1630, is currently up over 1% at Rs.1648.70, with an intra day high at Rs.1656.

The company, for Oct sold a total of 105,087 vehicles compared to 104,964 vehicles in Sept’13 and 2% higher than Oct’12 sales of 103,108. Total exports rose 7% (YoY) and its sales from April till Oct, up 3%.

Apart from a 27% (YoY) jump in exports, it was a 11% (YoY) rise in Omni and Eco vans and a 20% jump in Dzire which helped push its sales for Oct. But for these two, all others have reported a degrowth. Its mid-soze car SX4 dropped the sharpest at 62%, followed by a 7% drop in its small car segment – M800, Alto, A-Star and Wagon R.  There are hopes that festive demand will help push sales in November too as many brokerage houses have started selective buying into auto stocks, especially Maruti and M&M.