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Maruti Suzuki India firms up after price hike

Capital Market 

Maruti Suzuki India rose 0.82% to Rs 7,195.95 after the company announced price hike across various models from January 2020.

The car major said that the cost of vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase. This price increase shall vary for different models. The announcement was made during market hours today, 3 December 2019.

Shares of Maruti Suzuki India fell 2.18% in the past three trading sessions to settle at Rs 7,137.45 yesterday, 2 December 2019, from its close of Rs 7,296.70 on 27 November 2019.

Meanwhile, the S&P BSE Sensex was down 95 points or 0.23% to 40,707.25.

The stock was trading in the range of Rs 7,130 to Rs 7,233 so far during the day.

In the past one month, shares of Maruti Suzuki India declined 3.05% to its current market price of Rs 7,195.95, outperforming the Nifty Auto index's 3.11% fall in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 51.283. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 7,082.26, as well as above its 200 DMA placed at Rs 6,706.63.

Maruti Suzuki India's consolidated net profit fell 39% to Rs 1,390.60 crore on 25.2% decline in net sales to Rs 16,123.20 crore in Q2 September 2019 over Q2 September 2018.

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 03 2019. 11:38 IST