Maruti Suzuki Shares Surge Amidst Robust Profit Growth

Shares of Maruti Suzuki India surged by over 2% in morning trade after the company reported a significant 47% increase in net profit for the June quarter, reaching Rs 3,650 crore. This hike is attributed to cost reduction, favorable commodity prices, and foreign exchange gains, leading to record-high stock values.

Shares of Maruti Suzuki India soared over 2% on Thursday morning following the homegrown automotive giant's announcement of a 47% spike in net profit, amounting to Rs 3,650 crore for the June quarter.

Trading at Rs 13,417.05 apiece on the NSE, the company's stock rose by 2.30%, while on the BSE, it increased 2.06% to Rs 13,439.55 per share.

Later in the day, shares reached a 52-week high of Rs 13,680 on the NSE and Rs 13,675 on the BSE, contributing to a market valuation surge by Rs 15,941.78 crore to Rs 4.29 lakh crore on BSE and Rs 4.30 lakh crore on NSE.

The BSE Sensex gained 127 points to trade at 81,868.34, while the NSE Nifty climbed 61.40 points to 25,012.55. Maruti Suzuki attributed the profit rise to cost-cutting measures, favorable commodity prices, and foreign exchange gains.

For the June quarter, the automotive leader recorded a net sales increase to Rs 33,875 crore, up from Rs 30,845 crore in the prior year's period, selling 5,21,868 vehicles, a 5% year-on-year increase.

(With inputs from agencies.)