Maruti Suzuki share price rises after carmaker hikes prices.
- ByAyushi Ray | September 6, 2021
Maruti Suzuki share price rises after carmaker hikes prices. In continuation to its communication on August 30, 2021, with effect from September 6, 2021, the company announced a price change for select models owing to an increase in various input costs, India’s largest carmaker said in an exchange filing. Brokerage firm Emkay Global Financial Services sees a 25 percent upside in the stock from the current level. Emkay has a “buy” call on the stock with a target price of Rs 8,600. The brokerage firm has reduced FY22 and FY23 volume growth estimates by 15 percent and 7 percent, respectively, but has retained the FY24 forecast.
Brokerage firm Sharekhan has a “buy” call on the stock with a target price of Rs 7,707. “Maruti is likely to benefit from buoyant demand for passenger vehicles, driven by rising offtake in tier-2 and tier-3 cities and rural areas,” it said. MSIL is expected to defend its market share despite rising competition in the compact SUV segment, aided by strong product portfolio and position, brand appeal and ability to frequently launch new models, Sharekhan added. The stock was trading at Rs 6,931.20, up Rs 67.90, or 0.99 percent. It has touched an intraday high of Rs 6,944 and an intraday low of Rs 6,863.15.
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