Defying a weak stock market, shares of Maruti Suzuki today rose by nearly 3 per cent to touch one- year high on the back of strong buying by investors amid positive reports on the company.
Marketmen said the uptick in the stock was also fuelled by reports of investment banking and research firm CLSA upgrading Maruti Suzuki India.
Besides, in December, MSI recorded domestic sales of 82,073 units compared to 77,475 units in the year-ago period, registering a rise of 5.93 per cent in an overall sluggish auto market.
After rising 3.5 per cent during the day to touch 52-week high of Rs. 1,599.90, the stock finally ended at Rs. 1,584, up 2.59 per cent on the BSE.
The scrip was the top gainer among the 30-Sensex blue chip companies.
At NSE, the stock settled at Rs. 1,583.95, up 2.49 per cent from its previous close.
On the volume front, 1.26 lakh shares of the company changed hands on the BSE, while over 9.5 lakh shares were traded on the NSE.
Rally in the stock was in sharp contrast with an overall weak broader market where the Sensex ended at 19,691.42, down 92.66 points.