In another development that may have a bearing on shareholders of the company, MSIL announced that its board of directors have recommended to raise the FII shareholding limit in the company from existing 24 per cent to 40 per cent. This however remains a proposal for now as it needs the shareholder approval and then will have to await RBI's nod.
The company's board also approved its dividend payout guideline which states that the dividend payout will now range between 18 and 30 per cent each year. In the year ended March 2014, the company had a dividend payout ratio of 15 per cent.
While the company is looking to come out with various products going forward, the market leader said that its new SUV will be launched in the first quarter of next year.
Shares of the company rose on the back of the result and closed with a gain of 1.1 per cent at a high of Rs 3,242 on Thursday before hitting an all time high of Rs 3,297 per share.