Maruti Suzuki shares jump 3% to hit record high; here’s what analysts say

Shares of Maruti Suzuki India Ltd surged 2.92 per cent to scale their all-time high level of Rs 11,936.35 in Wednesday’s trade. In terms of stock value, the automobile major has gained nearly 45 per cent in the past one year.

Turnover on the counter came at Rs 9.50 crore, commanding a market capitalisation (m-cap) of Rs 3,73,235.16 crore.

Analysts largely remained ‘positive’ on the counter.

“In a highly volatile market, Maruti has defended its lower-end of the range. We are of the view that the stock will sooner than later cross Rs 12,000 level and enter the Rs 12,500 territory. For traders, keep stop loss placed at Rs 11,250. Next expected near-term target will be Rs 12,000,” Mitesh Panchal, a Sebi-registered analyst, told Business Today TV.

“Maruti is one of the largest passenger vehicle manufacturing companies in India. It has a very decent export market. We continue have a positive outlook on the auto major,” said Gaurang Shah, Senior VP at Geojit Financial.

As of December 2023, promoters held a 58.19 per cent stake in Maruti.