Maruti Suzuki's strong performance in the SUV segment is a key driver of its overall growth, offsetting declines in other segments, Citi said.

Shares of Maruti Suzuki (India), Mahindra & Mahindra (M&M) and TVS Motor Company gained on Monday as the automakers disclosed their monthly sales data for November 2024.

Indias largest carmaker Maruti Suzuki sold a total of 141,312 new cars in November 2024 as year-over-year sales rose by 5.33 per cent thanks to a growing interest in its premium offerings and an uptick in exports.

Shares of Maruti Suzuki India surged over 2 percent to Rs 11,325 in morning trade on December 2 after the company reported a 10 percent on-year increase in total sales to 1,81,531 units in November 2024, up from 1,64,439 units in the same month last year.

Major automakers in India saw a mix of growth and decline in November 2024. Maruti Suzuki and MG Motor India experienced notable sales increases, driven by SUVs and NEVs. Meanwhile, Hyundai faced a 7% drop in total sales,