Maruti Suzuki, which has been on the rise for the past few days, opened 2.5% higher today at Rs.7880 and went up over 3% to hit an intraday high at Rs.7937.45. Its 10% UC for the day is at Rs.8460.80.

The company announced yesterday that the parent company, Suzuki Motor Corporation (SMC) has signed an MOU with the State of Gujarat, India to invest approximately 150 billion yen or around Rs.10440 crore for local manufacturing of electric vehicles (BEV) and BEV batteries.

The investment includes Rs.3,100 crore on increasing production capacity for BEV by Suzuki Motor Gujarat (SMG) by 2025; Rs.7,300 crore on construction of plant for BEV batteries, at a land next to SMG, expecting to begin manufacturing by 2026. It also includes Rs.45 crore investment for construction of vehicle recycling plant by Maruti Suzuki Toyotsu India by 2025.

The company plans to launch its EV by 2025.