The weakening Japanese yen over the past three months would boost earnings and well positioned to benefit from improvements in petrol car sales, UBS added.
On Friday, Maruti Suzuki reported higher than expected Q3 results today posting higher sales, following a good response to new models like Ertiga and Swift Dzire.
The company's net profit rose 2.4% year on year at Rs 501 core for the quarter ended December, 2012.
Shares of the company was seen trading at Rs 1629, higher by 1.80% on BSE at 10.40 am IST. It touched an intra-day high and hit 52-week high at Rs 1634.