JP Morgan reiterates the Neutral rating stance on Maruti Suzuki given that while industry growth will likely aid marquis Volumes, competitive intensity is rising. November sales at 112,554 units were up + 28% Y-O-Y Sales growth was driven by the domestic segment while exports declined domestic segment sales at 102,503 units wren driven by healthy retail sales. The Eeco, mass market A@ segment and A3 segment reported strong growth, while the entry level M800 sales declined -20% Y-O-Y. The volume outlook remains healthy, as the op 10 cities have grown at 35% Y-O-Y over the past few months, in addition to rural sales doing well. The monthly incentives are lower Y-O-Y. However growth rates are likely to moderate with high base. Further, the management expects margins to remain subdues given that pressures form currency and commodity prices have risen, Maruti’s export shipments at 10,051 units declined, given static demand in Europe. The managements raising its focus on non-European countries to partially offset the above.