Maruti Suzuki India jumped 3.13% to Rs 7096.75 after the car major said it has increased its production in November by 4.33% year-on-year.
The car major's total production rose 4.3% to 1.41 lakh units in November 2019 from 1.35 lakh units in November 2018. The announcement was made after market hours on Friday, 6 December 2019.
The company witnessed reduced output for nine-straight months from February to October 2019 due to lower demand.
The firm's total sales fell 1.9% to 1.50 lakh units in November 2019 from 1.53 lakh units in November 2018.
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. This price increase shall vary for different models.
Meanwhile the company on Friday, 6 December 2019, announced a recall of certain petrol Smart Hybrid (SHVS) variants of Ciaz, Ertiga and XL6 vehicles manufactured between 1st January 2019 to 21st November 2019. Recall campaigns are undertaken globally to rectify faults that may be potential safety defects. The company will inspect 63,493 vehicles of petrol SHVS of Ciaz, Ertiga and XL6 for a possible issue with the Motor Generator Unit (MGU). A possible defect may have occurred in the MGU during manufacturing by an overseas global part supplier.
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).
On the technical front, the stock's RSI (relative strength index) stood at 48.52. 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 below its 50-day moving average (DMA) placed at Rs 7112.98, but was below its 200 DMA placed at Rs 6702.67.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
