Maruti Suzuki shares hit 1-year high
Mumbai: Shares of Maruti Suzuki on Wednesday rose by 3 percent to hit a one-year high level on lower-than- expected dip in September quarter profits.
The scrip of the car maker settled at Rs 1,436.25, up 2.99 percent on the BSE. During the day, the scrip gained 3.52 percent to Rs 1,443.75 -- its highest level in a year.
"Maruti's Q2 results were better-than street expectation especially in the light of a month-long closure of its Manesar plant following labour unrest. However, labour issues are now behind and future looks brighter as hopes of better operational performance are building up," Milan Bavishi, Head Research, Inventure Growth & Securities said.
The scrip had gained over 2 percent in the last trading session also.
Maruti Suzuki on Tuesday reported 5.41 percent fall in net profit at Rs 227.45 crore for the quarter ended September 30. The company had posted a net profit of Rs 240.45 crore in the corresponding period last year.
During the quarter, the company also doled out an all-time high average discount of Rs 14,750 per car to push sales of its models, mainly the petrol ones.