Maruti Suzuki at all-time record high as Morgan Stanley raises target price

The stocks of Maruti Suzuki India had hit an all-time high on Monday. The company added another 1.4 per cent gains to hit a fresh record high of Rs 9,167.70 after the global brokerage house raised target price.

Morgan Stanley has retained its overweight call and raised target price to Rs 10,563 (from Rs 9,102 per share). The decision implied a 16.8 per cent potential upside from Friday's closing price.

Morgan Stanley has maintained its forecast of 22 per cent FY18-20 EPS CAGR. At 11:16 AM, the stock price was quoting at Rs 9,125.80, up Rs 84.95, or 0.94 percent on the BSE.

With the new milestone, Maruti Suzuki jumped to sixth position after Reliance Industries, TCS, HDFC Bank, ITC and HUL, surpassing biggies like SBI, HDFC, Infosys, Bharti Airtel and ICICI Bank. The company at present has market capitalisation of Rs 2.75 lakh crore.

The share price of the firm has crossed the milestone of Rs 9,000 for the first time ever on Friday. The stocks have hit a record high of Rs 9,119.95. It was also partly boosted by positive sentiment in equity markets.

However, the recent sales numbers of the firm were according to the experts' expectations. Maruti Suzuki India has sold 1.54 lakh units during the month, higher by 14.1 per cent over 1.35 lakh units sold in November 2016.

In October, the country's largest car maker had also became the largest passenger cars exporter from India in the first half of the ongoing fiscal, dethroning Hyundai Motor India Ltd which has now been pushed to the fourth spot behind Volkswagen and General Motors.

Maruti Suzuki India Limited