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Maruti Suzuki clocks 4.5% hike in sales, signals recovery
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SME Times News Bureau | 01 Nov, 2019
Festive demand and sops announced by the government to help the
crisis-hit auto sector helped the country's largest carmaker Maruti
Suzuki post positive growth in October, the first month in the current
fiscal.
The carmaker sold a total of 1,44,277 units (inclusive of
OEM sales) during October, 2019 in the domestic market recording a 4.5
per cent growth over the same month a year ago.
While it
witnessed decline in sales of mini cars such as Alto and S-Presso, the
compact segment including New WagonR, Celerio, Ignis, Swift, Baleno and
Dzire posted a healthy growth of 16 per cent year-on-year.
Total sales including exports increased by 4.5 per cent in October to 1,53,435 units.
"Maruti
Suzuki India Ltd sold a total of 1,53,435 units in October 2019. This
includes 1,41,550 units in the domestic market, 2,727 units of domestic
OEM sales and 9,158 units of exports," the company said in a press
statement.
Industry experts had expected the volume decline of
automobile companies to be lower in the month of October due to heavy
discount by carmakers, festive demand and measures announced by the
government to boost the economy.
"We expect the auto sales cycle
to witness a gradual recovery due to the confluence of factors such as
increasing discounts, better rural sentiment, lower interest rates,
higher government spending and a possible introduction of the scrappage
policy," brokerage firm Emkay had said.
Automobile has been one
of the worst-hit sectors and has been reporting negative growth month
after month. It has witnessed closure of hundreds of retail outlets
across the country and retrenchment across the supply chain in the last
one year as manufacturers resorted to production cuts.
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