Maruti Suzuki's stock races past Rs 12,000 mark for first time; here's what analysts say
Maruti Suzuki share price: The scrip surged 3.48 per cent to scale its all-time high value of Rs 12,000.90. Turnover on the counter came at Rs 23.12 crore, commanding a market capitalisation (m-cap) of Rs 3,76,437.35 crore.
- Mar 20, 2024,
- Updated Mar 20, 2024 12:43 PM IST
Shares of Maruti Suzuki India Ltd rose sharply on Wednesday to trade above Rs 12,000 level for the first time. The scrip surged 3.48 per cent to scale its all-time high value of Rs 12,000.90. In terms of stock value, the automobile major has gained nearly 45 per cent in the past one year. Turnover on the counter came at Rs 23.12 crore, commanding a market capitalisation (m-cap) of Rs 3,76,437.35 crore.
Analysts largely remained 'positive' on the counter.
"In a highly volatile market, Maruti has defended its lower-end of the range. We are of the view that the stock will sooner than later cross Rs 12,000 level and enter the Rs 12,500 territory. Traders should keep stop loss placed at Rs 11,250," Mitesh Panchal, a Sebi-registered analyst, told Business Today TV.
Panchal suggested a near-term target of Rs 12,000 for Maruti's stock earlier in the day.
"Maruti is one of the largest passenger vehicle manufacturing companies in India. It has a very decent export market. We continue to have a positive outlook on the auto major," said Gaurang Shah, Senior VP at Geojit Financial.
As of December 2023, promoters held a 58.19 per cent stake in Maruti.
In February, Maruti said it has reported a 15 per cent year-on-year (YoY) increase in total wholesales at 1,97,471 units in February. The company had dispatched a total of 1,72,321 units in the same month last year.
Sales of mini segment cars, comprising Alto and S-Presso, declined to 14,782 units as against 21,875 units in February 2023.
Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, also declined by 10 per cent to 71,627 units as compared to 79,898 units in the year-ago month.
Utility vehicles, including Brezza, Ertiga, Grand Vitara, and XL6, recorded sales of 61,234 units last month, growing 82 per cent over 33,550 units in the month a year ago, the company said.
Shares of Maruti Suzuki India Ltd rose sharply on Wednesday to trade above Rs 12,000 level for the first time. The scrip surged 3.48 per cent to scale its all-time high value of Rs 12,000.90. In terms of stock value, the automobile major has gained nearly 45 per cent in the past one year. Turnover on the counter came at Rs 23.12 crore, commanding a market capitalisation (m-cap) of Rs 3,76,437.35 crore.
Analysts largely remained 'positive' on the counter.
"In a highly volatile market, Maruti has defended its lower-end of the range. We are of the view that the stock will sooner than later cross Rs 12,000 level and enter the Rs 12,500 territory. Traders should keep stop loss placed at Rs 11,250," Mitesh Panchal, a Sebi-registered analyst, told Business Today TV.
Panchal suggested a near-term target of Rs 12,000 for Maruti's stock earlier in the day.
"Maruti is one of the largest passenger vehicle manufacturing companies in India. It has a very decent export market. We continue to have a positive outlook on the auto major," said Gaurang Shah, Senior VP at Geojit Financial.
As of December 2023, promoters held a 58.19 per cent stake in Maruti.
In February, Maruti said it has reported a 15 per cent year-on-year (YoY) increase in total wholesales at 1,97,471 units in February. The company had dispatched a total of 1,72,321 units in the same month last year.
Sales of mini segment cars, comprising Alto and S-Presso, declined to 14,782 units as against 21,875 units in February 2023.
Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, also declined by 10 per cent to 71,627 units as compared to 79,898 units in the year-ago month.
Utility vehicles, including Brezza, Ertiga, Grand Vitara, and XL6, recorded sales of 61,234 units last month, growing 82 per cent over 33,550 units in the month a year ago, the company said.