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Shares of Maruti Suzuki India Ltd rose as much as 3.09 per cent to Rs 9,564.70. The stock posted its biggest intraday percentage gain since December 19, 2017.
The company, majority-owned by Japan's Suzuki Motor Corp, had posted a 3 per cent rise in quarterly profit on Thursday. The country's top-selling car maker also approved revision in the method of calculating royalty payments for new models.
Lowering of royalty payments to Suzuki on new models will improve margins, says CLSA.
According to Investec, royalty reduction will drive margins and sustain valuation. Up to Thursday's close, stock had fallen 4.6 per cent this year.
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