Shares of this automobile giant gained heavily today!

5paisa Research Team

Last Updated: 24th January 2023 - 06:16 pm

Share price accelerated after the company announced its Q3 results and was up by more than 3%.

The previous day’s close of the shares was at Rs 8,423.15. On Tuesday, the shares opened at Rs 8,435.00 and made their day high at Rs 8,715.95 a piece.

Results for the third quarter ended December 31, 2022, have been released by Maruti Suzuki India. The company recorded a 132.50% increase in net profit for the third quarter of FY23, coming in at Rs 2,351.30 crore as opposed to Rs 1,011.30 crore in the same quarter of FY22. In the quarter under review, the company's total revenue climbed by 26.86% to Rs 29,905.10 crore from Rs 23,574.00 crore for the same period the year prior.

In 1982, the Government of India and Suzuki Motor Corporation (SMC), a Japanese company, inked a joint venture agreement. In 2002, the company joined SMC as a subsidiary. In India, it dominates the market for passenger cars. The company has grown to become SMC's largest subsidiary in terms of both production output and revenue. Currently, SMC owns 56.28% of its stock.

Manufacturing, acquiring and selling motor vehicles, their components, and replacement parts are the company's main business activities. Since entering the used automobile industry in India in 2001, 'True Value' has grown to have a large network of over 550 locations scattered throughout 268 cities, making it one of the market's biggest players for used cars.

The 52-week high of the stock is Rs 9,765.65 whereas the 52-week low was Rs 6,540. Promoters hold 56.37% whereas institutional and non-institutional holdings are 39.74% and 3.89%, respectively. Presently, the market cap of the company is Rs 2,62,767.36 crore.

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