Maruti shares surge 6% despite poor results

Shares of the country's largest car-maker Maruti Suzuki India rallied by nearly 6% on the bourses today even though the company posted dismal results for the third quarter.

Hectic buying by investors in the last hour of trade lifted the company's share prices and they settled 5.77% higher at Rs 1,162.55 on the Bombay Stock Exchange (BSE). During the course of the day's trade, the scrip fell by 2.64% to an intra-day low.

In a similar fashion, Maruti's scrip recouped initial losses on the National Stock Exchange (NSE) to close at Rs 1,166.90, up 5.75% from the previous close.

The stock was the best performer on both indices at the end of trade.

Maruti Suzuki today reported a 63.6% fall in net profit for the quarter ended December 31, 2011, to Rs 205.6 crore.

The company had posted a net profit of Rs 565.17 crore for the corresponding period last financial year.

The rally in the stock was in contrast to the sluggish trend in the broader market, with the BSE benchmark Sensex closing just 12.72 points higher at 16,751.73.