Maruti Suzuki India has move higher by 4% at Rs 1,420, bouncing back almost 6% from day’s low after reporting better than expected net profit of Rs 227 crore for the second quarter ended September 2012. Analyst on an average had expected profit of Rs 175 crore from car maker. The company had profit of Rs 240 crore in previous year quarter.
“The company registered net sales of Rs 8,070 crore, an increase of 8.5% over the same period in the previous year, on account of sales of new model Entiga and enhanced export realisation,” Maruti Suzuki said in a statement.
The stock opened at Rs 1,361 and hit a low of Rs 1,339 on the BSE. A combined 1.28 million shares have changed hands on the counter so far on both the exchanges.