Maruti Suzuki share price climbs to a new peak. Do you own?
Stock market today: Maruti Suzuki share price has been in uptrend after ushering in new financial year 2023-24. After bottoming out at around ₹8,200 apiece levels at the end of March 2023, Maruti Suzuki shares have been rising continuously. However, there seems more steam left in this Indian auto major.
Maruti Suzuki share price today opened lower at ₹9,770 but soon attracted buying attraction and hit intraday high of ₹1,049 apiece levels on NSE, which tuned out its new life-time high as well. while climbing to this new peak, Maruti Suzuki shares have delivered to the tune of 22.50 per cent return to its positional shareholders in the financial year 2023-24.
However, the auto stock is expected to ascend further. According to stock market experts, Indian economy is doing well and hence auto and banking stocks are expected to continue its uptrend and this rise in Maruti Suzuki share price should be seen from this specs. They said that Maruti Suzuki share price may further continue to rise up to ₹10,800 apiece levels in near term.
Maruti Suzuki share price target
On why Maruti Suzuki and other auto stocks are rising these days, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Maruti Suzuki and other auto stocks are outperforming other segment stocks these days because of the strong exuberance in the national economy. Recently, India has reported better-than-expected GDP numbers following stellar GST collection. Rest of the work has been done by strong Q1 results season by majority of the listed entities and Maruti is expected to benefit from these factors as demand is expected to go up in near term.”
Advising Maruti Suzuki shareholders to hold the stock for more upside, Sumeet Bagadia, Executive Director at Choice Broking said, “Those who have this auto stock in portfolio, they are advised to hold it for near term targets of ₹10,500 and ₹10,800 per share. However, one must maintain trailing stop loss at ₹9,700 apiece levels.”
Maruti Suzuki Q1 results 2023
Maruti Suzuki Indian Ltd (MSIL) reported a standalone net profit of ₹2,485.1 crore in the quarter ended June 2023. The company’s net profit jumped by a robust 145 per cent as compared to ₹1,012.8 crore in the same quarter last year. This was on account of larger sales volume, improved realization, cost reduction efforts and higher non-operating income.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 31 Aug 2023, 01:43 PM IST
