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Shares of Maruti Suzuki climbed over 2 per cent to hit a fresh all-time high on Monday on Q2 numbers.
The company had on Friday reported a standalone net profit of ₹2,484 crore for the second quarter ended September 30, up 3.4 per cent, compared with ₹2,402 crore in the corresponding period last year.
Net sales rose 22 per cent year-on-year (YoY) to ₹21,438 crore during the July-September quarter, compared with ₹20,049 crore in the same period last year.
Foreign brokerages such as Macquarie, Goldman Sachs JP Morgana and Nomura have all raised their targets for the stock following the good Q2 show. Following the announcement, the stock rose 2.07 per cent to hit a high of Rs 8,282.85 on BSE.
The company shares ended up 0.97 per cent at Rs 8,193.55 on the BSE. On the NSE, the stock gained 0.99 per cent to Rs 8,195. In terms of equity volume, 0.41 lakh shares exchanged hands on the BSE.
“The main reason for 3.4 per cent growth in net profit was decline in amount of non-operating income during the quarter.
“Tax was also on the higher side this fiscal (as compared to the same period of the last fiscal),” RC Bhargava, Chairman, told reporters on Friday.
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