Maruti shares climb nearly 4%; market valuation up by over ₹10K crore

Shares of Maruti Suzuki India were in the limelight on Wednesday, climbing nearly 4 per cent, taking its market valuation higher by Rs 10,519.95 crore.

The stock rallied 3.61 per cent to settle at Rs 9,994.50 apiece on the BSE. During the day, it jumped 4 per cent to its 52-week high of Rs 10,036.70.

On the NSE, it moved up by 3.55 per cent to end at Rs 9,990.10 per piece. During the day, shares of the carmaker advanced 4 per cent to reach its 52-week high of Rs 10,036.95.

The stock was the biggest gainer among the Sensex firms.

The company's market valuation climbed Rs 10,519.95 crore to Rs 3,01,913.92 crore on the BSE in-line with a surge in its share price.

Maruti Suzuki India (MSI) on Wednesday launched the new Invicto at introductory prices ranging from Rs 24.8-Rs 28.4 lakh as it looks to gain a foothold in the premium three-row multi-purpose vehicle segment.

The company is looking to double its turnover to around Rs 1.68 lakh crore by 2030-31 from FY22 level in line with parent Suzuki Motor Corporation's global growth strategy, company Managing Director and CEO Hisashi Takeuchi said on Wednesday.

The company expects India to "play a very big role" in Suzuki Motor Corporation's goal to achieve a global turnover of Rs 4.32 lakh crore in FY30-31, which would be exactly double the turnover of Rs 2.16 lakh crore achieved in FY21-22, he said.

Maruti Suzuki India clocked net sales of Rs 83,798 crore in 2021-22. Takeuchi was speaking at the sidelines of the company's launch of premium multi-purpose vehicle Invicto, marking the mass market carmaker's entry in the over Rs 20 lakh segment.