Shares of Maruti Suzuki India today gained about 4% on the bourses today, after the country's largest carmaker Maruti Suzuki reported a 6.54% increase in its sales for February.
The carmaker today announced total sales of 1,18,949 units for February 2012, up from 1,11,645 units in the same month last year.
Reacting to the robust sales figures, Maruti shares rose to as high as Rs 1,316 in late morning trade. After paring some initial gains, the stock was trading 3.92% higher at Rs 1,305.55 at the BSE at 12:00 noon.
The gains in Maruti shares were in sharp contrast to the overall weak trend in the stock market. The barometer Sensex was trading nearly 200 points down at 17,552.19 at the mid-day.
In February, the company has recorded highest domestic sales so far this fiscal at 1,07,653 units, compared to 1,01,543 units in the year-ago period, registering a growth of 6.02%.
The company also said the domestic sales last month were the second highest in its history after 1,10,424 units that was registered in March 2011.
Its exports increased 11.82% to 11,296 units in February from 10,102 units in the year-ago period, the company added.