Shares of the carmaker, which account for about half of all cars sold in India, rose as high as 10,000 rupees for the first time on Wednesday.
Shares of India’s largest car-maker Maruti Suzuki India kissed the five-digit mark of Rs 10,000 for the first time on Thursday. Maruti Suzuki shares have had a dream run at the bourses so far this year, returning more than 85% since January. The shares were trading up 1.16% at Rs 9,621 at the time of writing the report. Maruti Suzuki Ltd. has become the third stock in an equity index of the nation’s top 50 companies to cross the 10,000-rupee mark, thanks to this year’s record-setting rally. Shares of the carmaker, which account for about half of all cars sold in India, rose as high as 10,000 rupees for the first time on Wednesday. The stock has surged 13 percent in December, poised for its best month since July last year.
Here are the other two stocks in the Nifty priced at Rs 10,000:
Eicher Motors Ltd. is the owner of the Royal Enfield motorcycle brand. Eicher has surged 38 percent this year set for its ninth straight year of gain. The stock was trading at Rs 30,191.40 on NSE at the time of writing the report.
Bosch Ltd. is a maker of spark plugs and fuel injection pumps. Bosch traded at Rs 19,900.00 at the time of writing the report.
About Maruti Suzuki
Maruti Suzuki’s market value has surged 82 percent in 2017 to about $46 billion, bringing the carmaker neck-to-neck with consumer products giant Hindustan Unilever Ltd, the fifth most- valued stock on the Nifty. The marked out-performance of the shares has led many top fund managers to remark to say that Maruti Suzuki India shares are one of the best-performing auto stocks globally. In an interview to CNBC TV18, Nilesh Shah, Managing Director of Kotak AMC said that in his recent visit to Japan, he used Maruti Suzuki’s rise to explain India’s potential.“I carried just one chart with me, and said, I can explain India in hundred slides or I can explain India in one slide. I compared Maruti Suzuki India’s performance with Honda, Toyota, Nissan, General Motors, Ford and all the listed companies, and said that look, the world’s best-performing automobile stock is in the Indian market, and this is how Suzuki has made money in India. Surprisingly, they were not aware of this story and they all lapped it up,” he told the channel.
With inputs from Bloomberg