Maruti shares decline 1% as November production dips 3%
At around 10:44 a.m., Marurti Suzuki shares were down 1.04 per cent, or Rs 109.6, at Rs 10,474.45 apiece on BSE. The market capitalisation of the company stood at Rs 3,16,412.25 crore at around the same time.
![Maruti shares decline 1% as November production dips 3%](https://cdn.zeebiz.com/sites/default/files/2023/12/04/271321-marurti-suzuki-shares.jpg?im=FitAndFill=(1200,900))
Maruti Suzuki India (MSIL) shares on Monday, December 4, declined over 1 per cent to touch the intra-day low of Rs 10,423.75 apiece on BSE. The downward trend in the stock came after the company's production dipped 3 per cent in November.
At around 10:44 a.m., Marurti Suzuki shares were down 1.04 per cent, or Rs 109.6, at Rs 10,474.45 apiece on BSE. The market capitalisation of the company stood at Rs 3,16,412.25 crore at around the same time.
Passenger Cars & Utility Vehicles manufacturer on Friday, December 1, posted its November production figures, which showed a 3 per cent dip in its total production to 1,47,763 units against 1,52,786 units in November 2022.
Even the entry-level cars—Alto and S-Presso—production declined by 62 per cent to 8,425 units from 21,904 units in the year-ago period, Maruti Suzuki India said in a regulatory filing.
Similarly, the production of models like Baleno, Celerio, Dzire, Ignis, Swift, and WagonR declined to 79,700 units in November as against 89,655 units year-on-year (YoY).
Total passenger vehicle production fell to 1,44,912 units last month over 1,51,326 units in November last year. Light commercial vehicle Super Carry's production dropped to 2,851 units in comparison with 1,460 units in the year-ago period.
Conversely, on a positive note, the production of utility vehicles, including the Brezza, Grand Vitara, Ertiga, and Jimny, rose to 45,483 units last month as compared with 29,294 units in November 2022.
Incred Equities has given 'add' rating on Maruti Suzuki stock post November 2023 sales volume performance.
"With the Nifty Auto Index’s forward P/E valuation below its 10-year mean providing comfort, we retain our 'overweight' rating on automobile OEMs and our 'neutral' rating on automobile component makers. The key risks are poor rainfall distribution delaying the recovery in rural demand," the brokerage said.
Maruti Suzuki share price: Past performance
Since January 2023, Maruti Suzuki shares have gained over 24 per cent against the Nifty 50's rise of over 12 per cent.
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