Maruti at a new high

The mood on the streets is upbeat today and the hot favourite stocks are reacting accordingly. Maruti has today hit a spectacular new high at Rs.6700 in the early morning trades. Since then, it has come off the new highs and is now at Rs.6653.60, up almost 2%.

The market is thrilled with its sales numbers for the month of April. The new fiscal has begun on a good note with its total sales showing a good 19% (YoY) rise in at 1.51 lakh units though exports showed a drop of 29%. Domestic sales is what added on to the total numbers with a 23% rise at 1.44 lakh units.

Last week, the company declared its Q4FY17 numbers and despite the challenges of demonetization has done very well. Its net sales rose 20% (YoY) at Rs.1800 crore and net profit showed a healthy 16% increase at Rs.1709 crore.