Maruti Suzuki Stock Hits 52-Week High on Strong Q1 Results

New Delhi, Aug 1 (PTI) Shares of Maruti Suzuki India jumped more than 2 per cent on Thursday in the morning trade after the homegrown automobile major reported a 47 per cent jump in net profit to Rs 3,650 crore for the June quarter.

The stock of the company climbed 2.30 per cent to trade at Rs 13,417.05 apiece on the NSE.

On the BSE, it rose 2.06 per cent to trade at Rs 13,439.55 per piece.

Later, in the intra-day trade, the shares of the Gurugram-based automobile major advanced to hit a 52-week high of Rs 13,680 and 13,675 apiece on the NSE and BSE.

In the morning trade, the company's market valuation also rose by Rs 15,941.78 crore to Rs 4.29 lakh crore on the BSE while it stood at Rs 4.30 lakh crore on the NSE.

The 30-share BSE Sensex jumped 127 points or 0.16 per cent to trade at 81,868.34 while NSE Nifty went up 61.40 points or 0.25 per cent to 25,012.55.

In a regulatory filing on Wednesday, Maruti Suzuki India reported a 47 per cent jump in net profit to Rs 3,650 crore for June quarter, riding on the back of cost reduction efforts, favourable commodity prices and foreign exchange gains.

The auto major had logged a net profit of Rs 2,485 crore in April-June FY24.

Net sales increased to Rs 33,875 crore in the June quarter as compared with Rs 30,845 crore in the year-ago period, the company said.

The country's largest carmaker said it sold 5,21,868 vehicles during the first quarter, up 5 per cent as compared to the same period previous fiscal.

The company said it sold 4,51,308 units in the domestic market in the first quarter, an increase of 4 per cent over the same period of FY24.