Mumbai: Shares of carmaker Maruti Suzki Limited gained about 1.3% on fairly strong buying at the counter on Tuesday, after the company said its premium hatchback Swift has crossed 20 lakh sales milestone.
The stock, which had touched a record high of Rs 10,000 on BSE (Rs 9996.40 on NSE) on 20 December 2017, stayed quite sluggish for the next six months or so, swinging between gains and losses. And then, since early July the stock went on the reverse gear, mirroring overall weak trend in the market, to a 52-week low of Rs 6500 by end October 2018. It has traveled quite a distance up north in the past four weeks and settled at Rs 7650 today.
This has been a 'Swift' drive to the milestone for the model after it achieved the feat of first 5 lakh units sales, with every subsequent five lakh units sales taking lesser and lesser time.
The model, launched in May 2005, achieved the feat of crossing half-a-million sales mark in 2010, took just another three years to hit the 1 million sales mark, achieving the feat in September 2013. The next 5 lakh sales happened in less than three years, in March 2016 and the next five lakh vehicles sales to 20 lakh sales mark has taken still less time, having come in November 2018.
Maruti Suzuki Limited's Senior Executive Director (Marketing & Sales) R S Kalsi has stated, "Swift achieving two million sales milestone is a proud moment for all of us at Maruti Suzuki India. Brand Swift has consistently featured among the top five best-selling cars in India for more than a decade."
He added: "With increased output aimed at reducing the waiting period, the company would like to reinforce its commitment towards customers."
During the April - October period, the carmaker increased production of this variant by 45% (to 1.39 lakh units) over the same period last financial year. This has considerably reduced the waiting period for customers aiming to purchase this model.
The Swift model recorded a sales growth of 36%, (with a market shares of about 29%) in the seven months to October this year, with the auto gear shift technology variant of the model contributing over 20% of sales.
Earlier this year, Maruti Suzuki's overall sales crossed the 20 million sales unit milestone. It's Alto brand crossed the 3.5 million sales mark earlier this year, making it the highest selling car in the country.