Maruti Suzuki India gained 1.67% to Rs 3,259 at 14:21 IST on BSE after the company's board of directors approved hike in FII investment limit at the time of declaring Q2 result.
Meanwhile, the BSE Sensex was up 218.50 points, or 0.81%, to 27,316.67
On BSE, so far 1.11 lakh shares were traded in the counter, compared with an average volume of 35,563 shares in the past one quarter.
The stock saw high intraday volatility. The stock scaled a record high of Rs 3,297 in intraday trade today, 30 October 2014. The stock hit a low of Rs 3,173.95 so far during the day. The stock had hit a 52-week low of Rs 1,541.25 on 28 January 2014.
The large-cap company has an equity capital of Rs 151.04 crore. Face value per share is Rs 5.
Maruti Suzuki India's net profit rose 28.69% to Rs 862.54 crore on 18.24% growth in total income to Rs 12497.03 crore in Q2 September 2014 over Q2 September 2013. Growth in domestic sales and cost reduction initiatives by the company contributed significantly to bottomline growth during Q2 September 2014, Maruti Suzuki India said. The result was announced during market hours today, 30 October 2014.
Maruti Suzuki India's sales rose 16.8% to 3.21 lakh vehicles in Q2 September 2014 over Q2 September 2013. Exports stood at 34,211 units in Q2 September 2014.
Meanwhile, the company's board of directors have approved hike in FII limit to 40%, broadly the level of public shareholders in the stock. This is subject to shareholder approval in a general meeting and subsequently request to RBI for notification.
Maruti Suzuki India was listed in 2003. At that time, the FII shareholding in the company was limited to 24%, as per Foreign Exchange Management Regulations, 2000 and the consolidated foreign direct investment policy of the Government of India. This limit was reached about a year and a half ago, the company said. FIIs held 21.74% stake in Maruti Suzuki India (as per shareholding pattern as on 30 September 2014).
Maruti Suzuki India's board of directors also approved the guidelines for dividend payment. The company would endeavour to keep the dividend payout ratio, expect for reasons to be recorded, within the range of 18% to 30%. The actual dividend for each year would be decided by the board of directors taking into account the availability of cash, the profit level that year and the requirements of capital investments, the company said.
Japanese parent Suzuki Motor Corporation holds 56.21% stake in Maruti Suzuki India (as per the shareholding pattern as on 30 September 2014).
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