Share of Maruti Suzuki was the top gainer on Sensex and Nifty today a day after India's biggest carmaker said it was expecting next year to be "much better" than 2020 as the economy rebounds and consumers emerge from pandemic-induced lockdowns to buy its vehicles.
Maruti Suzuki share hit a fresh 52-week high of Rs 7,777 today rising 7.96% on BSE. The large cap stock has gained 10.68% in the last 4 days.
The share has gained 5.06% in one year and risen 8.38% since the beginning of this year. Market cap of the auto firm rose to Rs 2.33 lakh crore on BSE. Later, the stock ended 7.45% or Rs 536.80 higher at Rs 7740 against previous close of Rs 7203 on BSE.
Maruti sales to dealers drop in Nov; company says retail sales up 69%
The stock was the top gainer on both Sensex and Nifty.
Maruti Suzuki India is expecting retail sales in December to be "pretty good" as there are pending orders with its dealerships and the rate of enquiries has sustained even after the festive season, Chairman R.C. Bhargava said in an interview with Bloomberg Television on Wednesday.
"The pending demand has been very much in the forefront of what is causing the increase in sales," said Bhargava. "2020 hasn't been a good year. We lost the first quarter so I definitely expect 2021 to be much better than 2020."
Bhargava expressed positive outlook on sales a day after the company reported its November sales. Maruti Suzuki on Tuesday reported a growth of 1.7 per cent in its overall sales during November 2020 on a year-on-year basis.
Sensex, Nifty end flat ahead of MPC meet outcome; Maruti, ONGC, SBI top gainers
By Aseem Thapliyal