Maruti Suzuki gains after brokerage hikes target price

Maruti Suzuki India rose 1.12% to Rs 1943.80 at 13:34 IST on BSE after a foreign brokerage maintained buy rating on the stock with an increased target price of Rs 2,295 per share from Rs 2,135 earlier.

Meanwhile, the BSE Sensex was down 146.35 points, or 0.65%, to 22,338.58.

On BSE, so far 23,000 shares were traded in the counter, compared with an average volume of 95,522 shares in the past one quarter.

The stock hit a high of Rs 1,963 and a low of Rs 1,928 so far during the day. The stock hit a 52-week high of Rs 1,979.55 on 1 April 2014. The stock hit a 52-week low of Rs 1,217 on 28 August 2013.

The stock had outperformed the market over the past one month till 15 April 2014, rising 10.66% compared with the Sensex's 3.10% rise. The scrip had also outperformed the market in past one quarter, rising 6.82% as against Sensex's 5.62% rise.

The large-cap company has an equity capital of Rs 151.04 crore. Face value per share is Rs 5.

Maruti Suzuki India's net profit surged 35.9% to Rs 681.15 crore on 3.1% decline in net sales to Rs 10619.68 crore in Q3 December 2013 over Q3 December 2012.

Japanese parent Suzuki Motor Corporation holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 December 2013).

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