Macquarie upgraded Maruti Suzuki to "outperform" from "neutral" after the automaker said it would restart production at its Manesar factory on August 21.
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.
Macquarie also raised its target price on Maruti Suzuki to 1,500 rupees from 1,200 rupees.
Maruti shares were up 1.2 percent at 1,187.00 rupees at 10:52 a.m.