Maruti Suzuki surges on hopes of robust Q3 earnings
Maruti Suzuki India has rallied over 3% at Rs 1,602, its highest level since December 15, 2009 on the NSE, on hopes of strong net profit growth in Q3 on account of the low base of last year and sharp revival in volumes post the Manesar strike.
The country’s largest car maker has reported 25.85% increase in its total sales at 301,453 units in Q3 (October-December, 2012) against total 239,528 vehicles sold in the same period last year.
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Meanwhile, Maruti Suzuki India said that a meeting of the board of directors of the company will be held on January 25, 2013, to consider and approve, the un-audited financial results for the quarter ended on December 31, 2012 (Q3).
Analyst at Angel Broking expects that Maruti Suzuki India will post more than 100% growth in net profit for the quarter ended December 2012 on back of higher sales.
The stock opened at Rs 1,554 and has seen a combined 486,613 shares have changing hands on the counter so far on both the exchanges.