Maruti stock at 52-week high on Rs 20k price hike reports

Mumbai: Shares of Maruti Suzuki India today rose by over 3 percent to touch a one-year high level after the company said it would increase the prices of its vehicles across all models by up to Rs 20,000 from January.

After making a bullish opening, shares of the country’s largest car maker rallied 3.54 per cent to a one-year high of Rs 1,533.75 as trade progressed on the BSE.

On the NSE, the scrip gained 3.56 per cent to Rs 1,535.40 - its 52-week high level.

The scrip was the top performer among the 30-Sensex blue-chip companies during morning trade.

“We expect the price increase to slightly offset the negative impact of foreign exchange movement on the operating margins of the company,” Angel Broking said in a report.

The company said the price hike has been necessitated due to increasing pressure on margins due to currency fluctuation.

Meanwhile, buying was also seen on other auto counters.

Tata Motors was trading 2.14 per cent higher, while Mahindra & Mahindra rose by 1.43 per cent.

PTI