Maruti Suzuki India added 3.58% to Rs 9276.65, extending gains for the second day in a row.

Today is the second day in a row of gaining trade. The company Maruti Suzuki India added 3.58 per cent to Rs 9276.45. The stock of Maruti Suzuki has added 3.96 per cent in two sessions. On 13 September 2022 closing low of Rs 8,926.50 was recorded.

In Thursday’s session, the scrip advanced 4.1 per cent and hit a 52-week high of Rs 9,324.75. The stock has zoomed 41.8 per cent from its 52-week low of Rs 6,540 hit on 8 March 2022 till recent trade at Rs 9,276.65.

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Every year, the company’s stock has gained 25.5 per cent once the benchmark Sensex has added 3 per cent during the same period. On the technical front, the stock’s daily RSI (relative strength index) stood at 66.420. On the daily chart, the stock was trading above its 50-day simple moving average (SMA) at 8792.75, 100-day simple moving average (SMA) at 8303.13 and 200-day simple moving average (SMA) placed 8050.95. The target price is increased from 9,500 to 10,500 per share. The new target price represents a premium of 13.2 per cent to the current market price.

Maruti Suzuki India has a route to 5 to 6 per cent market share over the next two years, thereby driving a volume CAGR of 14 per cent over FY22-25. The company is engaged in manufacturing, purchasing and selling motor vehicles, components, and spare parts. The net profit of Maruti Suzuki jumped 129.8 per cent to Rs 1,012.8 crore on 50.52 per cent. Also, net sales increased to Rs 25,286.3 crore in the first quarter of FY23 compared with the first quarter of FY22.