Maruti Suzuki India rises after higher January domestic auto sales

MRF

01/02/2024 10:07

** Shares of Maruti Suzuki India  MRTI.NS  up as much as 5%
at 10,699.80 rupees
    ** MRTI says Jan. total domestic vehicle sales up 13% to
175,443 units y-o-y, much higher than brokerage Jefferies'
estimate of 142,000 units
    ** Automaker's total export sales rose 37.5% but fell short
of Jefferies' expectation of a 44% increase
    ** MRTI on Wednesday beat Q3 profit estimates, helped by
strong demand for its sport utility vehicles
    ** Analysts' avg. rating on MRTI and seven other stocks in
15-member Nifty automobile index  .NIFTYAUTO  is "buy", only MRF
 MRF.NS  has a "sell" rating, while rest rated "hold" - LSEG
data
    ** Median price target for MRTI is 11,801 rupees - LSEG
    ** MRTI gained 47.6% in 2023, and is up 3% YTD vs a 3.7%
rise in auto index

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))