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Newswire

India's Maruti Q2 profit at $27.4 mln

NEW DELHI, Oct 31 (Reuters) - Maruti Udyog Ltd , India's biggest carmaker, met market expectations by announcing a net profit of 1.24 billion rupees ($27.4 million) in the second fiscal quarter to September 30, as vehicle sales rose 18 percent.

Maruti, held 54.2 percent by Japan's Suzuki Motor Corp , did not give any figure for net profit in the year-ago quarter.

A Reuters poll of 10 brokerages earlier this month forecast net profit of 1.25 billion rupees and revenue of 21.5 billion.

Maruti, which has a formidable 50 percent share of the market with its small low-price cars, listed in July after a blockbuster IPO. But a strike at a key vendor hurt production in August and September and dragged sales growth below industry's 23 percent.

Its shares have jumped 135 over its offer price of 125, outpacing a 32 percent rise in the benchmark Bombay index , as car industry sales rebounded sharply and investor preference for automobile stocks has grown.

($1 = 45.317 rupees)