Maruti Suzuki reverses early gains in volatile trade

Maruti Suzuki India shed 0.34% to Rs 4,650.15 at 13:11 IST on BSE after announcing that its shareholders have approved a move by the company to let its Japanese parent Suzuki invest and own the upcoming plant in Gujarat.

The announcement was made after market hours yesterday, 17 December 2015.

Meanwhile, the BSE Sensex was down 121.91 points, or 0.47%, to 25,681.87

On BSE, so far 25,875 shares were traded in the counter, compared with an average volume of 73,105 shares in the past one quarter.

The stock hit a high of Rs 4,701 and a low of Rs 4,655.35 so far during the day. The stock hit a record high of Rs 4,789 on 23 November 2015. The stock hit a 52-week low of Rs 3,250 on 17 December 2014.

The stock had outperformed the market over the past one month till 17 December 2015, rising 0.78% compared with Sensex's 0.23% fall. The stock had also outperformed the market in past one quarter, gaining 7.11% as against Sensex's 0.62% fall.

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

Maruti Suzuki India announced that its shareholders have approved a move by the company to let its Japanese parent Suzuki Motor Corporation invest and own an upcoming plant in Gujarat. Maruti Suzuki India said that 89.75% votes cast were in favour of the resolution through physical & electronic mode that took place from 16 November to 15 December 2015. Suzuki Motor Gujarat, a wholly owned subsidiary of Suzuki Motor Corporation will set up a car manufacturing unit in Gujarat. Maruti Suzuki India will buy cars from Suzuki Motor Gujarat.

Maruti Suzuki India's net profit rose 42.1% to Rs 1225.56 crore on 13.2% growth in net sales to Rs 13574.81 crore in Q2 September 2015 over Q2 September 2014.

Japanese parent Suzuki Motor Corporation held 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 September 2015).

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