Maruti Suzuki India is trading higher by 3% at Rs 1,433, extending its previous day’s 2% gain on reporting a better-than-expected net profit of Rs 227 crore for the second quarter as against analyst estimate of Rs 175 crore due to mark-to-market gain of Rs 43 crore on commodities. India’s largest car maker had posted net profit of Rs 240 crore for the same quarter last year.
“The net sales for the second quarter however grew 8.5% to Rs 8,070 crore on year-on-year basis mainly on account of new model Ertiga and higher exports realisation during the quarter,” Maruti Suzuki India said in a statement.
Meanwhile, IDBI Capital Research in its report said,” management stated that festive season has started off well with demand pattern largely maintained – diesel segment driving sales volumes, while petrol continues to lag behind.”
The stock opened at Rs 1,391 and hit 52-week high of Rs 1,436 on the BSE. A combined 944,195 shares have already changed hands on the counter till early noon deals against an average less than 700,000 shares that were traded daily in past two weeks.