Maruti Suzuki hits record high after hiking prices of select models

Maruti Suzuki India rose 2.27% to Rs 4,980.50 at 9:25 IST on BSE after the company increased prices of select models ranging from Rs 1,500 to Rs 5,000 ex-showroom Delhi with effect from 1 August 2016.

The announcement was made after market hours yesterday, 1 August 2016.

Meanwhile, the S&P BSE Sensex was up 127.19 points, or 0.45%, to 28,130.31 .

On BSE, so far 18,000 shares were traded in the counter, compared with an average daily volume of 75,573 shares in the past one quarter. The stock hit a high of Rs 5,000 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 4,880 so far during the day. The stock hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had outperformed the market over the past one month till 1 August 2016, rising 16.90% compared with 3.16% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 28.32% as against Sensex's 9.36% rise.

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

In case of newly launched models like Vitara Brezza and Baleno, the prices are being increased by upto Rs 20,000 and upto Rs 10,000 respectively, MSIL said. This price revision is based on factors like segment wise demand, forex movements and strategic objectives of the company, Maruti Suzuki India (MSIL) said in a statement.

MSIL reported 12.7% growth in total sales to 1.37 lakh units in July 2016 over July 2015. Domestic sales rose 13.9% to 1.25 lakh units in July 2016 over July 2015. This is the company's record monthly sales in the domestic market. The company's exports rose 0.3% to 11,338 units in July 2016 over July 2015. The announcement was made during market hours yesterday, 1 August 2016.

Maruti's net profit rose 23% to Rs 1486.20 crore on 12.1% rise in net sales to Rs 14654.50 crore in Q1 June 2016 over Q1 June 2015.

Maruti is India's biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 30 June 2016).

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