Maruti Suzuki India hits record high

Maruti Suzuki India rose 2.62% to Rs 4,154.85 at 11:25 IST on BSE on reports that a foreign brokerage has maintained its outperform rating on the stock.

Meanwhile, the S&P BSE Sensex was up 242.57 points or 0.87% at 28,175.47.

On BSE, so far 28,000 shares were traded in the counter as against average daily volume of 37,333 shares in the past one quarter.

The stock hit a high of Rs 4,158.40 so far during the day, which is a record high for the counter. The stock hit a low of Rs 4,070 so far during the day. The stock had hit a 52-week low of Rs 2,480 on 23 July 2014.

 

The stock had outperformed the market over the past one month till 14 July 2015, advancing 8.37% compared with Sensex's 5.71% rise. The scrip had also outperformed the market in past one quarter, surging 10.53% as against Sensex's 3.83% 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 higher volumes should continue to drive upgrades for Maruti Suzuki India. The brokerage added that the sixth pay commission had a big impact on Maruti's volumes and the seventh pay commission could boost industry demand by 10%. Increase in foreign institutional investment (FII) limit could be another trigger for the upmove in the stock, the brokerage added.

Maruti Suzuki India's net profit rose 60.5% to Rs 1284.24 crore on 12.3% growth in net sales to Rs 13272.55 crore in Q4 March 2015 over Q4 March 2014.

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

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