Maruti Suzuki moves higher on reports foreign brokerage maintains buy rating

Maruti Suzuki India rose 0.78% to Rs 3,698.55 at 13:14 IST on BSE on media reports that a foreign brokerage has maintained its buy rating on the stock.

Meanwhile, the S&P BSE Sensex was down 109 points or 0.43% at 25,176.37.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 83,431 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.71% at the day's high of Rs 3,733 so far during the day. The stock hit a low of Rs 3,669.95 so far during the day. The stock had hit a record high of Rs 4,789 on 23 November 2015. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016. The stock had underperformed the market over the past one month till 21 March 2016, gaining 2.49% compared with Sensex's 6.65% rise. The scrip had also underperformed the market in past one quarter, sliding 20.9% as against Sensex's 1.75% fall.

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

The foreign brokerage reportedly said that cyclical passenger vehicle recovery is on the horizon. It expects Maruti to record a 23% compound annual growth rate (CAGR) in its earnings per share (EPS) over FY 2017-18.

Maruti Suzuki India's net profit rose 27.1% to Rs 1019.30 crore on 20.4% growth in net sales to Rs 14767.70 crore in Q3 December 2015 over Q3 December 2014.

Japanese parent Suzuki Motor Corporation held 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 31 December 2015).

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