Shares of Maruti Suzuki India shares surged 4 per cent on Wednesday after the carmaker launched its
much-awaited model ‘Vitara Brezza’ at an introductory price range of Rs 6.99 lakh and Rs 9.68 lakh (ex-showroom Delhi).
Shares of Maruti Suzuki India closed 4 per cent up at Rs 3,600 on BSE. On the NSE, the scrip settled 3.86 per cent up at Rs 3,596.30.
The promoters holding in the company stood at 56.21 per cent while institutions and non-institutions held 37.62 per cent and 6.17 per cent, respectively.
For the quarter ended December 2015, the company reported net profit of Rs 1,019.30 crore, up 27.06 per cent, against Rs 802.20 crore in the corresponding quarter a year ago.
According to Nomura, Vitara Brezza deliveries are expected to commence from March 21 across the country from MSIL’s dealerships (not Nexa). The brokerage house currently factoring in sales of around 3,000 units per month from this model in FY17. The segment size is 18,000 units per month and there can be upsides to our estimates if the company introduces petrol/AMT variants during the year.
Nomura maintained ‘Buy’ rating on Maruti Suzuki shares with target price of Rs 5,134.
Maruti Suzuki also informed stock exchanges that after the overwheming success of Baleno in India, Suzuki Motor Corporation, parent of Maruti Suzuki, launched ‘Made in India’ Baleno in Japan on Wednesday.