Maruti Suzuki Hits Lifetime High, More Steam Left?

  • Investing.com
  • Stock Market News
Maruti Suzuki Hits Lifetime High, More Steam Left?
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the country’s largest car manufacturer Maruti Suzuki (NS: MRTI ) recorded a new all-time high on Thursday, surging 2.74% to Rs 10,065 apiece in the session ahead of its monthly sales figures for August set to release on September 1, 2023.

The market heavyweight stock was among the best performers or top gainers on the benchmark indices Sensex and Nifty in Thursday’s intraday trade.

Global brokerage JPMorgan (NYSE: JPM ) sees an improvement in margin against a backdrop of rising discounts or inventory and estimates an optimistic scenario going forward while sustaining its market share improvement.

The brokerage major sees a potential for the domestic automaker to outperform in the near term, expecting a strong mix of SUV to drive a margin surprise in the third quarter (Q3) results.

A total of 14 InvestingPro financial models cover the auto giant’s stock, with the ‘EV / EBIT Multiples’ investing model setting the most bullish fair price of Rs 11,957/share on it.

As per Maruti Suzuki’s closing price on Thursday, the said fair price depicts a potential upside of 19.6%.

Sumeet Bagadia of Choice Broking advises investors having Maruti Suzuki in their portfolios to continue holding the stock, setting near-term targets of Rs 10,500 per share and Rs 10,800 apiece, with a trailing stop loss at Rs 9,700/share levels, a Mint report cited.

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