Maruti Suzuki launches Viatara Brezza.
Shares of Maruti Suzuki India touched Rs 5,000 mark, a fresh record high on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), crossing the market capitalisation (m-cap) of Rs 150,000 crore on Tuesday.
At 09:57am, the stock was up 2% at Rs 4,968 with the m-cap of Rs 150,067 crore on the BSE. Maruti Suzuki India became the 13th Indian company to achieve a market capitalisation of Rs 1,50,000 crore.
The country’s largest car maker Maruti Suzuki now stands ahead of Bharti Airtel (Rs 144,586 crore), ICICI Bank (Rs 144,382 crore) and Larsen & Toubro (Rs 140,055 crore).
In past one-week, the stock has outperformed the market by gaining 10% as compared to 0.36% rise in the S&P BSE Sensex.
The company on Monday clocked its highest-ever monthly sales in July, reporting a growth of 13.9%. July domestic sales stood at 1,25,778 units against 1,10,405 units in the same month last year.
The company also announced the increase in prices of select models by up to Rs 20000 to offset the impact of adverse foreign exchange movement.
The increase in price for the newly launched compact SUV Vitara Brezza will be Rs 20,000 while that of new premium hatchback Baleno is Rs 10,000. On a select range, the price hike will be between Rs 1,500 and Rs 5,000, Maruti Suzuki India said in a regulatory filing.
This price revision is based on factors like, segment-wise demand, forex movements and strategic objectives of the company. The hike is effective from August 1, 2016, it added.
Prabhudas Lilladher, the brokerage firm has an “Accumulate” rating on Maruti Suzuki India on expectations of market share gains, a healthy product portfolio and the opportunity to reap benefits from recent launches which have been well received. A recovery in economic growth, sales prospects from new models overseas and incremental demand from hike in public sector wages provide a positive outlook ahead.