Maruti and Mahindra Report Diverging Auto Sales in India

Mukesh Buch
01 Sep, 2014
New York City

Maruti Suzuki sales in August surged 27% on 29% domestic sales increase. Mahindra & Mahindra August tractor sales jumped 6% but auto sales continue to struggle with weak product line up and lack of customer incentives.

[R]6:00 PM Mumbai – Maruti Suzuki sales in August surged 27% on 29% domestic sales increase. Mahindra & Mahindra August tractor sales jumped 6% but auto sales continue to struggle with weak product line up and lack of customer incentives.[/R]

The Sensex Index climbed 229.44 or 0.9% to close at 26,867.55 The CNX Nifty jumped 73.35 to 8,027.70.

Gainers & Losers

Adhunik Metaliks Limited dropped 2.1% to Rs 41.75 after the company said net loss in the fourth-quarter widened to Rs 10.69 crore from Rs 9.89 crore and revenue declined 9.12% to Rs 696.57 crore.

Bajaj Electricals Ltd jumped 2.8% to Rs 292 after the company''s engineering and project business unit secured four new orders worth Rs 602.12 crore.

Kemrock Industries & Exports Ltd soared 4.9% to Rs 52.70 after the company reported net loss in the third-quarter narrowed to Rs 22.51 crore from Rs 169.77 crore a year earlier and net sales plunged 85.9% to Rs 10.59 crore.

Maruti Suzuki India Ltd climbed 4.7% to Rs 2,915.50 after the company’s total sales in August surged 26.9% to 110,776 units from 87,323 units a year ago month.

Domestic sales soared 29.3% to 98,304 units and exports jumped 10.3% to 12,472 units.

The car-maker said passenger car sales in the month surged 30.4% to 82,823 units from 63,499 units a year ago.

Mahindra & Mahindra Limited slid 0.2% to Rs 1,403.80 after the company said total tractor sales in August jumped 6% to 15,006 units.

The company added domestic tractor sales rose 1% to 13,733 units while exports surged 107% to 1,273 units.

Separately, the company said total auto sales in August declined 7.2% to 35,175 units after domestic sales dropped 5.7% to 33,145 units and exports plunged 25.85% to 2,030 units.

Four-wheeler commercial vehicle sales slipped 5.4% to 12,975 units but tempo sales jumped 5.5% to 5,433 units.

Sharon Bio-Medicine Ltd jumped 2.9% to Rs 72.65 after net profit in the fourth-quarter soared 37.7% to Rs 20.54 crore and net sales jumped 7.5% to Rs 349.51 crore.