Shares of Maruti Suzuki India Ltd hit a 52-week high on the NSE on Wednesday’s trade at ₹12,007.15. At close., the stock finished the trade at ₹11,925.24, up by 2.83 per cent. The upper circuit for the stock is at ₹12,756.75.

Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, pointed out that the stock witnessed a strong pullback in the last two months from near the important 200 period MA of 9850 zone and has strengthened the trend moving past the significant 50EMA and 100 period MA levels.

“With the bias getting strong, currently, it has breached above the 11730 levels to hit an all-time 52-week high and with the RSI well placed indicating strength has much upside potential with next targets of 12800 and 14000 levels visible in the coming days. The major support zone would be maintained near the important 50EMA level of 11100 zone,” Koothupalakkal said.

Kapil Shah, Technical Analyst at Emkay Global Financial Services, said, It may be prudent to consider using any intermediate corrections as viable opportunities for purchasing.” Shah quoted the Fibonacci Extension data that Maruti stock may possess the potential for upward momentum towards 12500, as well as another subsequent level of 13100.

Nifty auto stocks rose marginally by 0.15 per cent as of 11.59 a.m. to trade at 20,385.15.

An earlier report by businessline revealed that the company’s subscription model saw a 44 per cent growth in FY24 YTD taking the overall user base to over 10,000.

Kotak Securities’ Fundamental research analyst and VP, Arun Agarwal, stated that the company’s wholesale volume growth (y-o-y) in January and February 2024 has been better as compared with volume growth witnessed in 9MFY24. “Within the passenger vehicle industry, the SUV segment is expected to continue to outperform the industry growth. However, competitive intensity remains high in the SUV segment. Further, demand trends remain weak in the hatchback segment,” Agarwal added.

According to the automaker’s corporate disclosures on stock exchanges, it had received an order from the Office of the Commissioner of Customs, NS-III Jawaharlal Nehru Custom House, Nhava Sheva, on March 18, stating that the company has considered different HSN codes on a category of imported items, demanding to pay ₹27,87,108 which includes difference in tax amount, fine and penalty.

In addition, Maruti Suzuki received a show cause notice from the Rajasthan GST Authority on March 14, for the period April 2019 to March 2020 on account of the reconciliation of tax returns filed by the company. The total demand amount mentioned in SCN is ₹3.1 lakh.