Auto giant Maruti Suzuki on Wednesday emerged as one of the top gainers for the month of February 2023 despite lack of electronic components in its sales and production numbers. Maruti’s share price gained nearly 2 per cent on the BSE. Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher sees a strong bullish momentum on the Maruti stock and has increased his medium term technical pick.
But BSEMaruti’s stock closed at Rs. 8,763.60 each — above 137.80 or 1.60%. The stock was near the day’s high 8,775 each. Its market cap is around 2,64,730.88 crores.
In his note, Parekh said, “The stock has seen a gradual downside bias and has consolidated near the important 200DMA area of 8630 levels and currently with correction in the bias further to move up from the important 50EMA level of 8690.” Estimated to increase. Increase in coming days.”
Furthermore, she added, “The RSI is well placed and has indicated a trend reversal and a lot of upside potential from here.”
Accordingly, Parekh has a buy recommendation on Maruti stock for the above target Holding the support level of 9,750 8,400.
Year-to-date, Maruti’s stock has gained over 4.25% on Dalal Street.
on Wednesday, Maruti Suzuki announced its sales and production data for the month of February.
In February, Maruti sold a total of 172,321 units, up 5.03% YoY, according to regulatory filings. Of the total sales in February 2023, domestic sales stood at 150,823 units, sales to other OEMs at 4,291 units and exports at 17,207 units.
“The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models,” Maruti said, adding, “The company has taken all possible measures to mitigate the impact.”
So far in FY23, Maruti has sold 1,796,093 units.
On the other hand, Maruti’s production declined by 5.78% to 159,873 units in February 2023 from 169,692 units in the same month last year due to shortage of electronic components.
Maruti expects that the impact of shortage of electronic components may have a higher impact on March’23 production than in recent months.
In Q3FY23, Maruti reported a significant increase in its net profit 2,351 crore – which is more than double the 1,011 crore in the year-ago quarter. Meanwhile, revenue from operations saw an increase of nearly 25% 29,044 crore as against Rs. 23,246 crore year-on-year (YoY).
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