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Shares of Maruti Suzuki advanced in Friday’s trade after Suzuki Motor increased its stake in the Indian subsidiary to 56.37 per cent by purchasing shares from the market.
Suzuki purchased 284,322 equity shares valued at 204.31 crore, Maruti Suzuki said in a notification to the BSE. Prior to the transaction, Suzuki held 56.28 per cent in Maruti Suzuki.
The scrip traded 0.51 per cent higher at Rs 7,268 at around 9.25 am (IST), while the benchmark BSE Sensex was up 030 per cent at 38,957 at around the same time.
“Suzuki’s move to purchase shares in Maruti Suzuki has come close on the heels of SMC president Toshihiro Suzuki saying the automotive industry in India is ‘recovering faster than expected’ on account of pent-up demand and the need for personal mobility over public transportation post lifting of the lockdown in May,” ET reported.
The country’s largest carmaker recently said its total production in August increased by 11 per cent to 1,23,769 units.
Maruti Suzuki had produced a total of 1,11,370 units in the same month last year.
Passenger vehicles production stood at 1,21,381 units last month as compared to 1,10,214 units in August 2019, a growth of 10 per cent.
Production of mini cars comprising Alto and S-Presso models were at 22,208 units as against 13,814 units in the year-ago month, up 61 per cent.
Suzuki purchased 284,322 equity shares valued at 204.31 crore, Maruti Suzuki said in a notification to the BSE. Prior to the transaction, Suzuki held 56.28 per cent in Maruti Suzuki.
The scrip traded 0.51 per cent higher at Rs 7,268 at around 9.25 am (IST), while the benchmark BSE Sensex was up 030 per cent at 38,957 at around the same time.
“Suzuki’s move to purchase shares in Maruti Suzuki has come close on the heels of SMC president Toshihiro Suzuki saying the automotive industry in India is ‘recovering faster than expected’ on account of pent-up demand and the need for personal mobility over public transportation post lifting of the lockdown in May,” ET reported.
The country’s largest carmaker recently said its total production in August increased by 11 per cent to 1,23,769 units.
Maruti Suzuki had produced a total of 1,11,370 units in the same month last year.
Passenger vehicles production stood at 1,21,381 units last month as compared to 1,10,214 units in August 2019, a growth of 10 per cent.
Production of mini cars comprising Alto and S-Presso models were at 22,208 units as against 13,814 units in the year-ago month, up 61 per cent.