Sell Maruti Suzuki, target of Rs 504: Reliance Money
Reliance Money has recommended a sell rating on Maruti Suzuki India with a target price of Rs 504 in its March 9, 2009 research report. “MSIL’s overall sales volumes for the month of February 2009 grew by 24% y-o-y to 79,190 vehicles. Domestic sales of the company reported a growth of 19%, while exports of the company registered an impressive growth of 90% y-o-y on the back of export shipment of A-star. Sales volumes of M800 which had broken the negative trend in January after a gap of 7 months once again slipped down and reported a de-growth of 29% y-o-y to 4,075 vehicles while on a m-o-m basis also the sales de-grew by 26% yo-y. We recommend a SELL on the stock with a target price of Rs 504,” says Reliance Money’s research report.
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