Maruti Suzuki shares surge 7% post Q2 earnings
Shares of Maruti Suzuki India on Tuesday soared by 7% after the company's net profit surged nearly three-fold for the second quarter ended September.business Updated: Oct 29, 2013 13:11 IST
Shares of Maruti Suzuki India on Tuesday soared by 7% after the company's net profit surged nearly three-fold for the second quarter ended September.
Reacting to the numbers that were announced post market hours yesterday, the scrip of India's largest car-maker surged 6.91% to Rs 1,617.55 on the BSE.
On the NSE, the stock zoomed 6.98% to Rs 1,619.
The scrip was the best performer among the blue-chips on both the key indices -- Sensex and Nifty -- during the morning trade.
Maruti Suzuki India had yesterday said its net profit surged nearly three-fold to Rs 670.23 crore for the second quarter ended September 30 on account of sales effort especially in rural areas, cost reduction initiatives and positive impact of foreign exchange.
The company had posted a net profit of Rs 227.45 crore in the corresponding period last fiscal.
The company also benefited from unusually low levels of profit in the second quarter of 2014(July-September 2012) owing to labour problems in Manesar.
The company's net sales during the quarter under review stood at Rs 10,211.83 crore as against Rs 8,070.11 crore in the same period a year ago.