Maruti Suzuki shares were on the up on Wednesday after Suzuki Motor Corporation — a key promoter of the automobile giant bought over 3 lakh shares of the company.
What Happened? Suzuki Motor Company bought shares worth ₹296 crore via the open market, representing a 0.11% stake in the company. Post this stake purchase, promoter holding in the company increased marginally from 56.37% to 56.48%.
Exchange data reveals that Suzuki Motor Corporation had last increased its stake in the company by 0.1% way back in June-September 2020.
According to ICICI Securities, Maruti Suzuki’s (MSIL) impressive model launches in the SUV space, healthy pending order book and underpenetrated nature of the domestic PV market, the company is likely to report healthy financials going forward.
In the past six months, MSIL has underperformed the market by falling 8%, as compared to a 3% decline in the S&P BSE Sensex, till Tuesday.
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Maruti Suzuki India Ltd's net profit for the December quarter more than doubled year-on-year to ₹2,351 crore. The country’s largest automobile maker saw revenue from operations rises by nearly 25% on year to ₹29,044 crore.
Price Action: Maruti Suzuki shares were trading 1% higher at ₹8,595 shortly after markets opened for trading on Wednesday.
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