Third-quarter results drive up Maruti Udyog

DALAL STREET SPIKES

Maruti Udyog gained over 13 per cent on the back of its impressive third quarter results. The scrip gained Rs 48.70 to close at Rs 418.90 after touching the day's high of Rs 420.

The company registered a 183 per cent jump in net profit for the third quarter ended December 31, 2003 at Rs 140.75 crore as against Rs 49.86 crore in the same quarter last year.

According to analysts, the profit margin was above expectations, which lead to aggressive buying at the counter. More than 4 crore shares were traded at this counter at the BSE.

There are rumours in the market that there is fund based buying happening at this counter. The company's total income grew by 27 per cent to Rs 2,377.5 crore as against Rs 1,868.94 crore during the quarter ended December 31, 2003.

As on 30 September 2003, the promoters held 72.49 per cent in Maruti, while the public, institutions, and foreign bodies held 7.78 per cent, 4.75 per cent and 13.70 per cent, respectively.