Maruti Suzuki, Mahindra gain on strong car sales
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Mumbai: Maruti Suzuki India Ltd gained as much as 8% while Mahindra and Mahindra Ltd rose 3.74% after top four players in passenger car segment registered double-digit volume growth in April.
“Narrowing gap between petrol-diesel fuel prices and increase in share of first-time buyers helped Maruti’s Mini segment register growth of 36% off a weak base,” Jefferies Llc, an American global investment bank and institutional securities firm said in a note.
Jefferies also noted that moderating cost of ownership incentivized purchases of first-time buyers.
At 10.38am on BSE on Monday, Maruti Suzuki stock was trading 1.02% higher at Rs.3,770 apiece, Mahindra and Mahindra Ltd was up 3.14% at Rs.1,181.10 apiece, while the benchmark Sensex was trading 1.05% higher at 27,296.03.
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