Macquarie cut Maruti Suzuki to 'neutral'

Reuters Market Eye - Macquarie downgrades Maruti Suzuki India Ltd to "neutral" from "outperform" and cut its target price to 1,525 rupees from 1,850 rupees citing continued weakness in passenger vehicle demand and discounts on models.

The investment bank cuts its fiscal 2013-14 sales estimates for Maruti Suzuki by 5.7 percent as a result.

Macquarie also says a weak rupee and higher discounts are offsetting the beneficial impact to Maruti Suzuki from a weaker Japanese yen

Maruti Suzuki shares were up 0.3 percent at 1,548.75 rupees at 1.03 p.m.

(Reporting by Abhishek Vishnoi)