The company is seeking to further boost demand with its offer after the recent leave travel concession (LTC) cash voucher scheme announced by Finance Minister Nirmala Sitharaman.
Similarly, manufacturing of compact cars, comprising WagonR, Celerio, Ignis, Swift, Baleno, Dzire, stood at 90,924 units as against 75,264 units in September 2019, an increase of 20.8 percent, MSI said.
Total sales of 160,442 units for the month include domestic sales of 150,040 units, export of 7,834 units, and sale of 2,568 units for other OEMs
The auto major, which has close to 50 percent market share in the domestic passenger vehicle segment, noted that there remained a close connection between the state of economy and demand for automobiles.
Sharekhan is bullish on Maruti Suzuki India has recommended buy rating on the stock with a target price of Rs 8000 in its research report dated September 10, 2020.
"Maruti Suzuki ARENA was launched after listening to and meeting the expectations of a modern, dynamic and young audience," MSI Executive Director (Marketing & Sales) Shashank Srivastava said in a statement.
The six-seater model, which comes with 1.5-litre petrol engine, has gone on to capture 14 per cent market share in the domestic MPV segment, MSI said in a statement.
The country's largest carmaker MSI has seen sales improve month-on-month from May till July, and expects offtake to remain robust during August as well.
SPA Securities is bearish on Maruti Suzuki India has recommended sell rating on the stock with a target price of Rs 5243 in its research report dated July 30, 2020.
Dolat Capital recommended reduce rating on Maruti Suzuki India with a target price of Rs 6520 in its research report dated July 29, 2020.
ICICI Direct recommended reduce rating on Maruti Suzuki India with a target price of Rs 5300 in its research report dated July 28, 2020.
Under the utility vehicle segment, Maruti sold 19,177 units in the month of July which increased 26.3 percent over a year-ago period.
Revenue from operations declined sharply by 79.2 percent to Rs 4,106.5 crore compared to the year-ago period.
The stock price rallied 36 percent during the quarter following recovery in the equity markets, but it fell around 15 percent year-to-date.
Brokerages expect around 80 percent fall in revenue from operations, while realisation per vehicle may see a 3-5 percent decline YoY. The similar trend is also seen on sequential basis.
Maruti is confident that this association with Axis Bank will help customers in offering convenient, affordable and cost-effective finance solution for buying cars.
The subscription service will begin as a pilot project in Gurugram and Bengaluru and will be initially available on Swift, Dzire, Vitara Brezza and Ertiga from Maruti Suzuki ARENA Channel and Baleno, Ciaz and XL6 from NEXA Channel, the company said in a regulatory filing.
Domestic sales declined by 53.7 percent to 53,139 units last month, as against 1,14,861 units in June 2019, it added.
The introduction of the S-CNG variant is in line with the company's commitment to expand its green vehicle portfolio in the country, MSI said in a statement.
The launch is aligned with the company's vision of providing a range of green and sustainable offerings to its customers, MSI said in a statement.
The company cut production of its mini cars comprising Alto, and S-Presso by 98.32 percent at 401 units as against 23,874 units in the year-ago month.
Retail sales in 2Ws, PVs and CVs are also expected to see massive fall on year-on-year basis, but tractor sales could be better than others, brokerages feel.
The company has decided to offer free service, warranty and extended warranty to the customers till June end, whose validity is expiring in May, MSI said in a statement.