July 2, 2012 / 8:56 AM / 5 years ago

Maruti Suzuki gains on strong June sales

A worker unloads an A-Star car from a container at a Maruti Suzuki stockyard on the outskirts of Jammu 23, 2012.Mukesh Gupta/Files

Reuters Market Eye - Shares in Maruti Suzuki India rose 1.4 percent, bucking the weak trend seen among peers, after reporting 20 percent growth in vehicle sales for the month of June.

Traders say Maruti is a relatively safer pick considering recent brokerage upgrades and stellar performance for the month of June, while sales of Tata Motors (TAMO.NS), Bajaj Auto (BAJA.NS) and Hero MotoCorp (HROM.NS) have come in slightly below expectations.

Shares in Tata Motors fell 1.5 percent after sales in June declined by 3 percent.

"Our interactions with dealers indicate lower enquiries and conversion rates from freight operators," said domestic brokerage Avendus.

Avendus adds that moderation in domestic sales volumes for TVS Motors (TVSM.NS) may continue till the launch of new products, while its export volumes would remain under pressure due to hike in import duty by Sri Lanka.

Shares in TVS Motors fell 2.6 percent after it reported a fall of 7.5 percent in June sales.

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