Maruti steers ahead on value buying

DALAL STREET SPIKES

Car major Maruti Udyog witnessed bargain hunting at lower levels with the stock gaining marginally after touching an intra-day high of Rs 458. According to market sources, value buying at lower levels by domestic as well as foreign mutual funds lead to today's gain.

The stock closed at Rs 446.05 as against its previous close of Rs 442.55 after the recent fall in the stock price. Volumes accounted for over 30 lakh shares at the BSE alone.

The stock from its lifetime high of Rs 529.40 on March 3, has plunged 16 per cent in a matter of a few trading sessions to a low of Rs 446.05 in today's trading. The stock has entered S&P CNX Nifty index from March 1 attracting fund buying.

MUL has been benefiting from reduction in import duties. In early January 2004, the government brought down the peak import duty on non-agricultural goods to 20 per cent from 25 per cent, said a analysts.