Buy Maruti for target Rs.1130-1150: Religare

Religare Securities has advised traders to buy Maruti for a target of Rs 1130-1150.

“Buy Maruti between Rs 1090-1080 with stop loss of Rs 1065 for target of Rs 1130-1150,” said the technical report.

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Maruti Suzuki India sales up 5.39% in Jan 09

Car market leader, Maruti Suzuki India (MSIL), announced a rise of 5.39% in its sales for the month of January 2009. The car maker sold 71,779 vehicles in January 2009 as against 68,107 vehicles in January 2007.

For the month of January 2009, domestic sales of the company increased by 5.58% to 67,005 vehicles. Its exports during the month rose 2.71% to 4,774 vehicles.

During the month, the company`s A3 segment consisting of SX4, Esteem and Desire increased 2.24 times to 6,590 vehicles The total sales for the passenger car segment rose 4.09% to 65,819 vehicles.

The company disclosed that this was its highest ever domestic and total sales in January 2009. It further disclosed that its previous highest monthly domestic sales were 65,216 units in November 2007 and its previous highest total sales of 71,772 units was registered in March 2007. - MyIRIS

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Maruti Q3 profit falls 54.3%, lags forecast

Maruti Suzuki India Ltd, the country's largest car maker, said quarterly profit fell 54.3 per cent, lagging forecasts due high raw material costs, lower volumes and adverse impact of currency changes.

New Delhi-based Maruti said on Thursday its net profit fell to Rs 2.14 billion ($43.8 million) in its fiscal third quarter ended December.

Net sales fell 2.8 per cent to Rs 46.26 billion, it said.

That compared with a net profit forecast of Rs 2.48 billion on net sales of Rs 43.22 billion in a Reuters poll.

Maruti, 54.2 per cent owned by Japan's Suzuki Motor Corp, holds almost half the Indian car market with models such as the best-selling Alto and Swift hatchbacks.

Shares in Maruti, valued at $3.2 billion, fell 24.3 per cent in the December quarter in line with the main index - ET

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It's really recession - Maruti sales decline 27.4%

India's no. 1 car market today said that its sales have declined 27.4% during November.

The domestic sales are down 26.9% at 47,704 unites against 65,216 unites same month last year.

Exports grew 11.7% at 5007 units from 4483 units.

This is basically due to decrease in consumer spending. People are now not willing to spend much on luxories.

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Sensex surges over 300 pts on PM’s assurance.

The 30-share index, which opened higher by 160 points, surged further by 323.93 to 8,774.94 points despite weak global markets.

The benchmark Sensex soared by over 320 points in late morning trade on Friday after Prime Minister Manmohan Singh assured that country will sustain a growth rate of 8% despite the adverse impact of the global financial crisis.

The 30-share index, which opened higher by 160 points, surged further by 323.93 to 8,774.94 points despite weak global markets. The BSE barometer had tanked over 2,100 points in the last seven trading sessions.

The wide-based National Stock Exchange’s Nifty moved up by 95.25 points at 2,648.46 points.

“We have the ability to sustain a growth rate of about eight per cent. And we will do so,” the Prime Minister said at the Hindustan Times Leadership Summit here.

Marketmen said sentiment turned better after government data showed inflation declined by 0.08% to 8.90% during the week ended 8 November.

Country’s most valuable company Reliance Industries gained Rs19.40, or 1.83%, at Rs1,078, while ONGC stocks gained Rs24.50, or 3.77%, at Rs674.90 mainly contributed rise to the Sensex.

SBI stocks gained Rs26.75, or 2.45% at Rs1,119.30.

Other gainers were BHEL, Larsen and Toubro, Bharti Airtel, DLF Ltd, Grasim Industries, Maruti, Mahindra, Mahindra and Sterlite Industries. Tata Power and Tata Consultancy. - Mint

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