Rs 7299 per share! Maruti shares surge near 6% intraday amid price hike news, gains most on Nifty50

The shares of Maruti Suzuki jumped around six per cent to Rs 7299 per share on the BSE intraday today during Tuesday’s trade on the back of price hike announcement of the auto major on Monday.

The stock on Tuesday closed over five per cent to Rs 7263.75 per share on the BSE: PTI

The shares of Maruti Suzuki jumped around six per cent to Rs 7299 per share on the BSE intraday today during Tuesday’s trade on the back of price hike announcement of the auto major on Monday.

Maruti Suzuki in its filing to exchanges on Monday said, “The price rise has been planned in quarter 2 and the increase shall vary for different models.” This is the fourth such hike decision the auto company made in this year, earlier in January, March and then in April they had announced a price rise.

The company also said in a statement, “Over the past year the cost of the company's vehicles continue to be adversely impacted due to increase in various input costs, and hence, it has become imperative to pass on some impact of the above additional cost to customers through a price rise.”

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The stock on Tuesday closed over five per cent to Rs 7263.75 per share on the BSE as compared to Rs 6901 per share previous close. The stock ended as the most gainer in the top 50 heavyweights, followed by UPL and Shree Cement each surging by around three and a half per cent.

Maruti Suzuki also lifted the Nifty Auto index by over one per cent being the most gainer on the index amid price hike news. It has touched Rs 8400 per share as a 52-week high on January 12, 2021.

The shares of Maruti in the last five days have been volatile and surged over five per cent in the last two days. Since May 31, till the news price hike news was announced the stock has been above Rs 7000 per share levels.

Besides, Maruti other auto majors such as Hero MotoCorp, Tata Motors, Mahindra and Mahindra too had raised their price hike earlier and may likely follow the suit this time too.

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