Maruti Suzuki stock up 4% on robust Q3 earnings
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Shares of Maruti Suzuki India rose by more than 4 per cent today after the company reported over two-fold jump in net profit for its third quarter ended December, 2012.
Scrip of the country's largest car maker settled at Rs 1,600.20, up 4.15 per cent on the BSE. During the day, the stock touched 52-week high of Rs 1,607.65.
The scrip was the top gainer among the BSE's 30 bluechip companies that make up its index, Sensex. At the NSE, the stock rose by 4.17 per cent to Rs 1,603. "Maruti Suzuki reported strong performance in Q3 FY'13, mainly on operational front," Karvy Stock Broking said in a report.
According to Yaresh Kothari, Research Analyst (Automobile), Angel Broking: "Maruti reported strong set of results. While the top-line was broadly in-line with the estimates, bottom-line was slightly ahead despite higher tax rate."
Riding on good sales of new models like Ertiga and Swift DZire, and benefiting from low base effect, Maruti Suzuki today reported over two-fold jump in net profit at Rs 501.29 crore for the October-December quarter, 2012.
The company's net profit stood at Rs 205.62 crore during the same period in 2011-12 fiscal.
Net sales during the period under review were at Rs 10,956.95 crore, up 45.57 per cent from Rs 7,527.10 crore in the year-ago period, Maruti Suzuki India (MSI) said in a statement.