Maruti SuzukiBSE 1.63 % India Ltd surged over 2 per cent in opening trade on Friday on reports that the nation's biggest carmaker by volume, is considering setting up its first overseas assembly plant in Africa as it seeks to revive flagging exports.
At 10:20 am, Maruti Suzuki was trading 1.97 per cent higher at Rs 1511.10. It has hit a low of Rs 1485 and a high of Rs 1515.20 in trade today.
"The New Delhi-based company is scouting for new export markets and Africa is more or less untouched, Chairman RC Bhargava," Bloomberg reported.
Report quoting Mayank Pareek, head of sales said that countries that are on the cusp of motorisation may be key to Maruti's plan of doubling exports in the next four years as Europe struggles to recover from a slowdown.
Earlier in the month, the country's largest car maker Maruti Suzuki India (MSI) reported 12.45 per cent increase in its total sales at 1,03,200 units in November.
The country's largest car maker Maruti Suzuki India is also mulling a price hike in the month of January, which should support its margins. The company said it will increase the prices of its vehicles across all models by up to Rs 20,000 from January due to increasing pressure on its margins due to currency fluctuation.
"There will be a hike in the prices of our products. Quantum will vary depending on models, but it can be up to Rs 20,000,"
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