Citi initiates buy on this largcap auto stock; stock gains around 3%

Global brokerage firm Citi has initiated 'buy' call on Hyundai Motor India with a target price of Rs 2,250 per share. At around 12:19 pm, shares of the passenger vehicle major were up over 2 per cent or Rs 41.15 at Rs 1,843 per share, while at the day's high the stock scaled Rs 1,849 apiece, marking gains of around 3 per cent.

The brokerage stated that the company enjoys a strong parentage of Hyundai Motor Company. Further, the company has diverse models within its portfolio, with a greater proportion of special utility vehicles or SUVs.

Also, the broking firm said that it sees potential upside for the automaker from exports. Also, the brokerage said the company has wide sales and service networks. Also, it expects capacity expansion at the auto major to boost volumes from the second half of the calendar year 2026.

In the previous session, the company said it would unveil Hyundai CRETA Electric at the Bharat Mobility Global Expo 2025. “Designed to combine innovative technology, all-around safety, and electrifying performance, the Hyundai CRETA Electric is poised to become the go-to electric SUV for Indian customers,” the company said in an exchange filing.

Hyundai Motor India share price performance

The stock listed on the bourses at a discount to the issue price on October 22, 2024. Since then as against the IPO price of Rs 1,960 apiece, the stock has fallen over 6 per cent considering the last traded price of Rs 1,833.4 per share on the BSE.

Hyundai Motor India IPO

The Indian subsidiary of Hyundai Motor listed on the bourses after the landmark IPO- the largest in the country's history. Through the move, the company remains committed at enhancing transparency and expanding investments in the country.