Maruti Suzuki shares jump 4% to hit fresh record high; here's what analysts say

Shares of Maruti Suzuki India Ltd extended their record run in Wednesday's trading session. The stock surged 3.83 per cent to hit a new all-time high of Rs 12,724.95. It was last seen trading 2 per cent higher at Rs 12,501. At this price, the scrip has gained a little over 51 per cent in the past one year.

The carmaker has recently announced investment of over Rs 1.99 crore in Amlgo Labs Pvt Ltd, a technology-led startup. "The startup operates in the area of data analytics, cloud engineering, Machine Learning (ML) and Artificial lntelligence (Al), to assist companies in datadriven decision making. With this, Maruti Suzukiwill own an equity stake of over 6.44 per cent in the startup," it stated.

"This is the second such investment by the company. Earlier to this, it invested in Sociograph Solutions Pvt Ltd in June 2022," Maruti added.

Analysts largely remained positive on the counter. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock continued its strong uptrend. Next expected targets are Rs 13,400-14,000. Near-term support will be maintained at Rs 11,400."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 12,500 and resistance at Rs 12,700. A decisive close above Rs 12,700 level may trigger a further upside till Rs 12,900. The expected trading range will be between Rs 12,000 and Rs 13,000 for a month."