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Maruti Suzuki Stock up on Robust Earning, Bullish Guidance
Shares of the car maker, Maruti Suzuki rose more than 2 per cent on Tuesday after posting better than expected Q4 results on Monday.
The company rose on optimistic view of the brokers such as CLSA who maintained its "buy" call on the stock, Credit Suisse also maintained its "outperform" rating on Maruti.
Maruti is also optimist on the guidance for this fiscal year, expects car sales to grow by 10-12 per cent,
On Monday, the company reported net profit of 60.5 Per cent to Rs 1,284 for the quarter ending March 31, 2015 as compared to Rs 800 crore in the previous year of same period.
Higher volumes, material cost reduction initiatives, favorable foreign exchange and lower sales promotion expenses contributed to the gain, the company said in the press release.
Net sales during the quarter stood at Rs 13,272.6 crore, up 12.3 per cent over the same period last fiscal.
The shares of the company was seen trading at Rs 3,746, higher by 2.72 per cent on BSE at 12.50 PM IST. It touched an intra-day high of Rs 3,772 during the trade.
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