Maruti Suzuki India added 3.58% to Rs 9276.65, extending gains for second day in a row.
The stock has added 3.96% in two sessions, from its recent closing low of Rs 8,926.50 recorded on 13 September 2022.
The scrip advanced 4.1% in today's session to hit a 52-week high of Rs 9,324.75. It has zoomed 41.8% from its 52-week low of Rs 6,540 hit on 8 March 2022, to currently trade at Rs 9,276.65.
On a year-to-date (YTD) basis, the stock has gained 25.26% while the benchmark Sensex has added 3% during the same period.
On the technical front, the stock's daily RSI (relative strength index) stood at 66.420. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 8792.75, 8303.13 and 8050.95, respectively.
A foreign brokerage has reportedly come out with a note on Maruti Suzuki India, where they increased the target price from 9,500 to 10,500 per share. The new target price represents a premium of 13.2% to the current market price.
As per reports, the global research house believes that Maruti's new models can do well, backed by good design and feature and strong marketing machinery that has been adopted by the company. The company can give the route to 5 to 6 per cent market share over the next two years, thereby driving a volume CAGR of 14% over the period FY22-25, the report further stated.
Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles).
The company's net profit jumped 129.8% to Rs 1,012.8 crore on 50.52% rise in net sales to Rs 25,286.3 crore in Q1 FY23 over Q1 FY22.
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