Maruti Suzuki share rises over 3% as firm raises production estimate for current fiscal
BusinessToday.In November 24, 2020
Maruti Suzuki share rose over 3% intra day today after India's largest car maker raised production estimate for the rest of the current fiscal. Maruti Suzuki stock touched an intraday high of Rs 7,206.85 gaining 3.15% against previous close of Rs 6,986 on BSE.
Maruti Suzuki share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock closed 2.09% or Rs 146 higher at Rs 7133 on BSE. The share has gained 1.07% in one year but fallen 3.17% since the beginning of this year. Market cap of the firm rose to Rs 2.15 lakh crore on BSE. Later the share closed 2.09% higher at Rs 7133.
Enthused by the rise in October and festive season sales, the auto firm said raised production estimate for the rest of the current fiscal, Earlier, output in November and December was expected to be reduced but the firm has now projected a 2-11% higher production compared with what it had projected in August for the period.
Maruti Suzuki posted a 18.9 per cent year-on-year growth in sales at 182,448 units in October. Total sales include domestic sales of 166,825 units and 6,037 units for other OEMs. Besides, the company exported 9,586 units in October 2020.
In Q2 of current fiscal, the firm reported a 1 per cent rise in net profit at Rs 1,371.6 crore in July-September quarter of the current financial year as against Rs 1,358.6 crore in the corresponding period of last fiscal.
The net profit in September quarter of the previous year was higher due to mark-to-market gains on the invested surplus and lower tax provision.
During the quarter, the company registered net sales of Rs 17,689.3 crore, higher by 9.7 per cent compared to Rs 16,120.4 crore in the same period previous year.
Meanwhile, market indices ended at record highs on Tuesday, amid positive cues from global markets and unabated foreign fund inflows. Sensex ended 445 points higher at 44,523 and Nifty gained 128 points to 13,055. During the session, Sensex hit a lifetime high of 44,601 and Nifty touched record high of 13,079.