Maruti Suzuki stock rises more than 3% as company raises prices for fourth time in FY22
Maruti Suzuki’s share rose more than 3% today after the company said it had raised prices for its models by up to 4.3% with immediate effect to partially offset the impact of rising fuel costs. inputs.
The auto stock rose 3.55% to Rs 8,369 from the previous close of Rs 8,082 on BSE. The company’s market cap soared to Rs 2.50 lakh crore.
The shares are trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The large cap share gained 3.36% in one year and increased by 11.63% since the beginning of this year.
A total of 0.19 lakh of the company’s shares changed hands, representing a turnover of Rs 16.21 crore on BSE.
The company raised prices for its models in a range of 0.1% to 4.3% due to an increase in the costs of various inputs.
“The weighted average price increase of ex-showroom (Delhi) prices for all models is 1.7%. The new prices are effective from today,” the auto major said. .
MSI sells a range of cars ranging from Alto to S-Cross at prices between Rs 3.15 lakh and Rs 12.56 lakh, respectively.
The automotive major has already raised vehicle prices three times in 2021 by 1.4% in January, 1.6% in April and 1.9% in September, bringing the total quantum to 4.9%.
Last month, the company said it had been forced to raise prices due to the rising cost of commodities such as steel, aluminum, copper, plastics and precious metals. over the past year.