Shares of Maruti Suzuki continued to rise for the third straight session as the company received a bump on Thursday after Goldman Sachs maintained its ‘buy’ rating for the stock.
What Happened: Maruti Suzuki shares were up as global investment firm Goldman Sachs remained bullish on the stock seeing a 33% upside. The firm maintained the buy rating with a price target of ₹11,000.
The firm said that after speaking to car dealers it found out that Maruti’s affordable SUVs had longer waiting periods, implying a strong demand for its models. It also sees the company’s partnership with Toyota in the EV segment as a positive.
Another positive for the stock came later in the day when the company announced that it will be hiking prices for its models from April. The company becomes the latest automaker after Tata Motors and Hero MotoCorp to hike prices owing to regulatory obligations.
The automobile giants in a regulatory filing said that it “continues to witness increased cost pressure driven by overall inflation and regulatory requirements,” and that has led to the decision.
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Price Action: Shares of the company were up 1.22% to trade at ₹8,352.65 in the afternoon hours of trading on Thursday.
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