New Delhi, May 18: Maruti stocks today bounced back 11.79 per cent on the back of strong results and announcements of setting up a diesel engine manufacturing plant. The scrip of the country's biggest carmaker closed Rs 47.15 higher at Rs 447.15 after touching an intra-day high of Rs 455.50 with volumes of 45.84 lakh.
"The fundamentals of the company are very strong and the profits are in line with market expectations. The stock is going to be an outperformer," pioneer intermediaries analyst Sachin Kasera told from Mumbai.
The stock, which touched Rs 505.65 last Monday, had shed over Rs 78 during the week, to close at Rs 427.30 on Friday.
The stock got a hammering in yesterday's blood bath in the market, losing Rs 27.30 to close at Rs 400.
Maruti today reported more than three-fold increase in net profits at Rs 542.18 crore during 2003-04.
The company also announced setting up of a diesel engine plant with an investment of Rs 350 crore.
Bureau Report