Maruti Suzuki surges after Jefferies raises price target by Rs 1000

Maruti Suzuki share price gained more than 1 per cent on Friday after investors' sentiment turned positive. The buying in the stock of the country's largest carmaker was buoyed after brokerage firm Jefferies revised its price target by 1000. The stock is likely to shine amid the ongoing festive season.

Jefferies in its research report maintained Buy rating on the stock with a revised price target of Rs 11250. The brokerage had previously given a target of Rs 10250. 

At 1 PM, Maruti share price was up by 1 per cent to trade at 8,794 on the NSE and Rs 8785 on the BSE.

According to September's sales data, the company reported over 2-fold increase in sales at 1,76,306 than August's 89,926. The company managed to dispatch 86,380 units.

The domestic sales rose over two-fold to 1,54,903 units against 68,815 units in September 2021, according to the company data. Sales of mini cars, comprising Alto and S-Presso, rose to 29,574 units compared to 14,936 in the same month last year. Similarly, sales in the compact segment, including models Swift, Celerio, Ignis, Baleno and Dzire, increased to 72,176 units from 20,891 cars in September 2021.

Sales of mid-sized sedan Ciaz rose to 1,359 units compared to 981 units in September 2021. Utility vehicle sales, including Vitara Brezza, S-Cross and Ertiga, rose to 32,574 units against 18,459 vehicles in the year-ago month. Exports jumped to 21,403 units from 17,565 units in the corresponding month last year.

Maruti Suzuki stock has yielded a strong return of over 15 per cent in 2022 so far. The 52-week range is Rs 9452 - Rs 6,536.55.