Maruti Suzuki hits record high

Maruti Suzuki India rose 3% to Rs 1,781.40 at 14:57 IST on BSE as the Japanese yen touched a five-year low against the dollar overnight on the US Federal Reserve's decision to reduce stimulus for the US economy.

Meanwhile, the BSE Sensex was down 136.22 points, or 0.65%, to 20,723.64.

On BSE, so far 2.28 lakh shares were traded in the counter, compared with an average volume of 76,021 shares in the past one quarter.

The stock hit a high of Rs 1,796.45 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 1,725 so far during the day. 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 18 December 2013, rising 6.13% compared with the Sensex's 0.04% rise. The scrip had also outperformed the market in past one quarter, rising 23.71% as against Sensex's 4.50% rise.

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

The dollar rose to 104.37 a yen, a level not seen since October 2008. It jumped 1.6% versus the Japanese currency overnight, marking its biggest one-day rally in 4-1/2 months.

A weak yen could boost earnings of Maruti Suzuki as it imports raw materials from its Japanese parent Suzuki Motor Corporation. It also pays annual royalty on sales to the Japanese parent.

Maruti Suzuki's total sales declined 10.7% to 92,140 units in November 2013 over November 2012. Domestic sales dropped 5.9% to 85,510 units, while exports slumped 46.2% to 6,630 units in November 2013 over November 2012.

Maruti Suzuki India's net profit jumped 194.7% to Rs 670.20 crore on 26.5% growth in net sales to Rs 10211.80 crore in Q2 September 2013 over Q2 September 2012.

Japanese parent Suzuki Motor Corporation holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 September 2013).

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