During Friday’s front-end trading, Maruti Suzuki India Ltd.’s shares increased significantly. The stock jumped 4.28% to close at Rs 12,423.45, a new record high. The counter has increased by 50% in the last year and by about 20% so far in 2024.
For the most part, analysts were optimistic about the counter. Maruti’s stock could get immediate support at Rs 12,000 level.
“The stock has been in a strong uptrend. It has hit a fresh all time high today and has scope for a further rise in the coming days. Expected near term targets are between Rs 12,800 and Rs 13,700 levels. Major support would be at the Rs 11,200 zone.”
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher
According to Maruti, overall wholesales increased by 15% year over year (YoY) in February 2024 to 1,97,471 units. In the same month previous year, the company shipped 1,72,321 items in total.
Sales of Alto and S-Presso automobiles, which are part of the small segment, decreased to 14,782 units in February 2023 from 21,875 units.
Compact car sales, which included the Baleno, Celerio, Dzire, Ignis, Swift, Tour S, and WagonR, decreased by 10% to 71,627 units in comparison to 79,898 units in the same month last year.
According to the firm, sales of utility cars, which include the Brezza, Ertiga, Grand Vitara, and XL6, reached 61,234 units in the previous month, an 82% increase over the 33,550 units sold in the same month the previous year.
