July 12, 2013

News

Macquarie cuts Maruti Suzuki from ‘outperform’ to ‘neutral’ and reduces its target price from Rs. 1850 to Rs. 1,525, stating continual decline in sales of passenger cars and discounts on models. Due to the decreased demand for small cars and passenger vehicles, Macquarie had to cut target price and downgrade Maruti India Limited.

Even the investment bank reduces its fiscal sales prediction for the brand by 5.7%. Macquarie said higher discounts and weak Indian rupee counterpart the beneficial effect to Maruti from a weaker yen (Japanese currency).

 

Keys hang from the door of a Maruti Suzuki Swift car at its stockyard on the outskirts of Ahmedabad April 26, 2013. REUTERS/Amit Dave/Files

The shares of Maruti Suzuki were up 0.3% at Rs 1, 548.75 at 1pm.

Macquarie Cut Maruti to Neutral

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