Maruti controls up to 50% of the Indian car market

The company, which has a market share in India of up to 50%, saw vehicle sales rise 18%, bringing results in line with market expectations.

Maruti, which makes cheap mass-produced cars, has been controlled by Japan's Suzuki Motor Corp since May 2002.

Suzuki took a controlling share having entered a joint venture with the government and building up a stake in what had been a flagship state company.

As one of a privileged group of state manufacturers Maruti once controlled up to 80% of the market. But the monopoly has been cut back under the government's privatisation programme.

Maruti shares were listed for the first time in July this year and are now trading about 10 points higher than the 125 rupee per share offer price.