Shillong, May 11: The longest winning streak for Maruti Suzuki India Ltd. (MSIL) shares since the firm went public in July 2003 was recorded on Thursday.
The stock of the automaker has risen as much as 7.6 percent since the rally started on April 25. During the same time span, the benchmark Nifty increased by almost three percent.
According to data provided from Bloomberg, there have only been four rallies lasting nine days or less since the business debuted on the stock exchanges.
As a result of the most recent gain in Maruti stock, its weight on the Nifty50 index has increased from 1.4 percent at the beginning of the month to 1.6 percent. Maruti shares increased by 0.40 percent on Tuesday, closing the day at Rs 9,111.55 on the NSE.
Currently, the stock is trading around 9% below the record high it reached in December 2017. Over the last ten sessions, the company’s market capitalization increased by about Rs 20,000 crore. The largest automaker’s market capitalization was Rs 2.75 lakh crore as of Tuesday’s closure.
For the quarter that ended in March 2023, Maruti, which has been battling the semi-conductor shortage, reported a set of results that were largely in line with expectations. By the second part of FY24, the management anticipates an improvement in the scarcity of semiconductors.
Analysts anticipate a little increase in market share with the introduction of a new sport utility vehicle, nevertheless, as order booking improves due to the new models Jimny and Fronx.