Maruti Suzuki hits new high; surpasses SBI, HDFC in market-cap ranking
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Maruti Suzuki India hit a new high of Rs 9,120 on the BSE in intra-day delas on Friday, surpassing the state-owned banking giant State Bank of India (SBI) in market capitalisation (market-cap) ranking.
On Thursday, Maruti Suzuki India had surpassed the India's largest mortgage lender and non-banking finance company Housing Development Finance Corporation (HDFC).
Maruti Suzuki India with market-cap of Rs 273,958 crore came in at number sixth position in overall ranking ahead of SBI which had market-cap of Rs 272,902 crore at 10:49 am; the BSE data showed. HDFC had market-cap of Rs 267,242 crore.
Maruti Suzuki India was at number 11th position in overall market-cap ranking at beginning of the current calendar year 2017 (CY17). It surpassed Infosys, Oil and Natural Gas Corporation (ONGC) and Coal India thus far in CY17.
The stock of Maruti Suzuki India surged 7% in past two trading sessions after the company reported 8.04% rise in its production to 1,55,568 units in November 2017, as compared to 1,43,989 units in November 2016. It is the fourth best performing stock among the S&P BSE Sensex, rallies 71% so far in CY17.
The brokerage firm overweight on the Maruti Suzuki India (MSIL) with 12 month price target of Rs 9,350 per share.
“MSIL's revenue growth, we think, will remain exciting over FY18 as positive model mix flows through in both volumes and improved pricing. EBIT margins, however, may moderate from the current high levels though will likely remain above through cycle levels. We also think growth will return in the industry in FY18 and MSIL in our view will be able to hold onto its market share,” J P Morgan said in recent report.
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