Maruti Suzuki reaches beyond Rs 9000-mark for first time ever, witness 71% surge this year

2017 has been a wonderful year so far for Maruti Suzuki India, as it has witness an uptick trend in sales despite the rollout of the Goods and Services Tax (GST) and the government's demonetization drive.

Maruti Suzuki India has gained a lot from the economic reforms in the country which led it to register 71 per cent growth in 2017.

The share price of the firm has crossed the milestone of Rs 9,000 for the first time ever on Friday. The stocks have hit a record high of Rs 9,119.95. It was also partly boosted by positive sentiment in equity markets.

However, the recent salesnumbers of the firm were according to the experts' expectations. Maruti Suzuki India has sold 1.54 lakh units during the month, higher by 14.1 per cent over 1.35 lakh units sold in November 2016.

In October, the country's largest car maker had also became the largest passenger cars exporter from India in the first half of the ongoing fiscal, dethroning Hyundai Motor India Ltd which has now been pushed to the fourth spot behind Volkswagen and General Motors.

In the April-September period this fiscal, Maruti Suzuki India (MSI) exported 57,300 units of passenger cars as against 54,008 units in the year-ago period, up 6 per cent, according to the latest data by Society of Indian Automobile Manufacturers (SIAM).

The long-running number one exporter, Hyundai Motor India Ltd (HMIL) on the other hand shipped 44,585 units as against 63,014 units in the year-ago period, a decline of 29.25%.

The company is now behind Volkswagen and General Motors India in terms of export of passenger cars from India.

During the first half of the fiscal, Volkswagen India exported 50,410 units at a growth of 16.92 %. It is now the second biggest exporter of passenger cars from India behind MSI. Last year, it had exported 43,114 units during the same period.

However, later in October, Hyundai India, which had lost its share in passenger cars exports to rivals like Maruti Suzuki and others in the recent quarters, did hit back by announcing its highest-ever order of 10,501 units for Verna cars to middle-eastern markets.

These additional new export orders will be shipped in December this year.

The company, which has lost the crown of top exporter of passenger cars from India to Maruti Suzuki, recently planned to shift its entire production of Verna from South Korea to India, aiming to sell over 1.3 lakh Vernas in the next few years, of which 70% would be made for exports.