Maruti Suzuki slips after weak auto sales

Maruti Suzuki India declined 0.82% to Rs 7190 after the company's total sales fell 1.9% to 1.50 lakh units in November 2019 from 1.53 lakh units in November 2018.

The company announced its auto sales for the month of November 2019 on Sunday, 1 December 2019. The auto major sold 1.53 lakh units in October 2019 on account of festive demand.

Maruti's total domestic sales fell 1.6% to 1.43 lakh units while total exports sales fell 7.7% to 6,944 units in November 2019 over November 2018.

The country's leading passenger vehicle maker, on 30 November 2019, said that it has reached a key milestone of 20 million passenger vehicle cumulative sales in the Indian market.

Maruti's consolidated net profit fell 39% to Rs 1,390.60 crore on 25.2% decline in net sales to Rs 16,123.20 crore in Q2 September 2019 over Q2 September 2018.

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles). The other activities of the automobile giant comprise the facilitation of pre-owned car sales, fleet management and car financing.

On the technical front, the stock's RSI (relative strength index) stood at 51.44. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day and 200-day moving average (DMA) placed at Rs 7061.48 and Rs 6706.43 respectively.

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