Macquarie upgrades Maruti on Manesar production restart

Macquarie upgraded Maruti Suzuki to “outperform” from “neutral” after the automaker said it would restart production at its Manesar factory on 21 August.

Macquarie said the restart was earlier than its expectations, and that Maruti would now focus on production ramp-up over the next couple of months.

[caption id=“attachment_420947” align=“alignleft” width=“380”] Reuters[/caption]

Macquarie also raised its target price on Maruti Suzuki to Rs 1,500 from Rs 1,200.

Maruti shares were up 1.2 percent at Rs 1,187.00

Reuters