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Maruti Suzuki Shares Reclaim Rs 7,000-Mark After Almost 4 Months

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Shares of Maruti Suzuki India Ltd rose by as much as 4 percent to touch an intraday high of Rs 7,177.90 on Tuesday.

 

It is the stock's third consecutive trading session of gains and it crossed the Rs 7,000 mark for the first time since 27 May.

In the last five sessions, the stock has climbed 16 percent in value.

Maruti Suzuki Shares Reclaim Rs 7,000-Mark After Almost 4 Months

On Monday, Maruti Suzuki India's Chairman RC Bhargava told Reuters that it expects its car sales in September to be higher than the previous month.

In August, the country's largest automaker saw its domestic sales fall by 34.3 percent, one of its most significant decline in monthly numbers. The fall came amid a slowdown in the entire auto-sector. Sales of the industry fell for the tenth straight month in August.

Bhargava told Reuters that the company's booking levels are going up substantially in the current month and also expects higher sales for 29 and 30 September.

The 9-day festival season of Navratri begins on 29 September, which typically sees a jump in sales.

Regarding price cut, a Times of India report earlier said that Maruti Suzuki was looking to make revisions following the corporate tax rate cut announcement. It said that an announcement on the price cut would be made soon to revive the depressed auto sales numbers.

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