Maruti regains most valuable automobile company status

Maruti Suzuki on Thursday regained the status of being the most valuable automobile firm with a market cap of Rs 1.26 lakh crore. The company zoomed past Tata Motors for the first time since March 2010, whose market cap now stands at Rs 1.13 lakh crore. 

Maruti had recently announced that it was confident of double digit growth this fiscal despite worries in the automobile industry. The company cited high interest rates and lower demand from customers during rainy season as the main concerns.

"Even then, we are committed for a double-digit growth in the year and we are working in that direction," Maruti Suzuki India Executive Director R S Kalsi had said. It is this positive long-term outlook that has helped Maruti expand its market capitalization. 

In June, the company sold 1,02,626 units as against 1,00,964 units in the same month last year, up 1.6%. 

For the 2014-15 financial year, the company had posted its highest ever annual sales at 12,92,415 units, up 11.9% from 11,55,041 units in 2013-14.

Tata Motors recorded a 1.2% growth in its sales volumes in the month of June. The company sold 76,602 units in June compared to 75,623 units in the same month last year.

The company said that volumes were dragged down by Jaguar Land Rover, whose unit has been suffereing in China amid concerns over slowing growth. Sales of luxury brand Jaguar Land Rover declined by 3.08% to 34,908 units during the month as compared to 36,021 units during the same month a year ago.