The stock price of the leading auto company, Maruti Suzuki, surged nearly 0.90% today after the company announced its ambition to double its production capacity to 40 lakh units over the next eight years at its annual general meeting (AGM) on August 29. The company has also announced its intention to consider a stock split in response to shareholders’ requests and plans to invest Rs 45k crore to increase its production.
The company has further announced the appointment of Arnab Roy, as its new Chief Financial Officer. Roy has previously worked with Schneider Electric, G4S Corporate, GE, Covidien, Herbalife, Genpact, and The Timken Company. He is scheduled to assume the responsibilities starting as the CFO – Designate with effect from 16th October 2023, and full-time CFO of the Company with effect from 01st January 2024.
Himanshu Singh has further recommended buying shares of Maruti Suzuki with a target price of Rs 11,100.
Maruti Suzuki’s market capitalization stands at Rs 290,196.23 crore. The P/E ratio is 29.92, and the dividend yield is 0.94%. The stock price of Maruti Suzuki has gained 1.4% in the last one week while it slipped 0.5% in the last one month. It has further gained 11.6% in the last 6 months and 8.9% in the last one year. The 52-week high for the stock is at Rs 10,036.95 on July 5, 2023, whereas the stock hit the 52-week low of Rs 8,076.05 on November 26, 2022.