Maruti Suzuki surges on reducing prices across its models after excise duty reduction

Maruti Suzuki India is currently trading at Rs. 1682.00, up by 7.35 points or 0.44 % from its previous closing of Rs. 1674.65 on the BSE.

The scrip opened at Rs. 1671.10 and has touched a high and low of Rs. 1693.90 and Rs. 1646.65 respectively. So far 28864 shares were traded on the counter.

Last one week high and low of the scrip stood at Rs. 1733.90 and Rs. 1638.50 respectively. The current market cap of the company is Rs. 50942.78 crore.

The promoters holding in the company stood at 56.21 % while Institutions and Non-Institutions held 35.45 % and 8.34 % respectively.

The country’s biggest car maker, Maruti Suzuki India has cut prices in range between Rs 8,502 and Rs 30,984 across its models after excise duty on automobiles was reduced in the Interim Budget.

Finance Minister P. Chidambaram, on February 17, cut excise duty to 8 per cent from 12 per cent for small cars, scooters, motorcycles and commercial vehicles; 24 per cent from 30 per cent for SUVs; 20 per cent for mid-sized cars from 24 per cent and 24 per cent for large cars from 27 per cent.

Maruti Suzuki reported 11.06% fall in its production to 109,342 units in January 2014 as compared to 122,936 units in same month last year. Of total, the company manufactured a 44,411 vehicles under mini segment (including Alto, A Star, Wagon R), down by 22.21%, as against 57,095 vehicles manufactured in corresponding month previous year.