Maruti Suzuki stock rises after firm plans hiking prices for all models
by mydhanush on 28 November 2023, 3 min read
While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price increase shall vary across models, the company said.
Maruti Suzuki share price edged higher in the morning session on November 28 after the company decided to increase the prices of its cars.
At 10:01 AM, the stock was trading at Rs 10543.55 per share on BSE, up Rs 25.45 or 0.24 percent.
“…… has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices,” the company said.
While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market.
This price increase shall vary across models, the company added.
On November 24, the Board of Directors of the company, at its meeting, approved the allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation on a preferential basis.
For the month of October 2023 the company’s production increased by 13 percent to 1,76,437 units from 1,56,067 units in October 2022.
The company had reported its highest-ever monthly sales at 1,99,217 units in October 2023, a 19 percent year-on-year growth against 1,67,520 units in October 2022.
For the September quarter, the company reported a net profit of Rs 3,716.5 crore, an 80 percent increase from the year-ago period. The EBITDA rose nearly 73 percent and the margin expanded by 360 basis points, YoY.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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