Hold Maruti Suzuki India: Sharekhan
Sharekhan has maintained its hold rating on Maruti Suzuki India in its April 2, 2009 research report. “In the last couple of months, the demand has received a boost on the back of the significant discounts being offered by the company, the easing of the liquidity crisis and attractive schemes from some banks, such as State Bank of India.
There has been a growth in demand also because of the government’s stimulus packages and the implementation of the Sixth Pay Commission’s recommendations. Moreover, export volumes have been pretty good on back of the launch and increased volumes of A-Star. In view of the strong numbers of the last two months, we are raising our FY2009 earnings estimate by 1.4% to Rs 47.6 per share but fine-tuning our FY2010 earnings estimate to Rs 58.2 per share.”
“We believe Maruti Suzuki is better placed than its peers in the passenger car segment and expect it to maintain its leadership as well as healthy operating performance going ahead. Consequently, we maintain our Hold recommendation on the stock but put the price target under review,” says Sharekhan’s research report.
Tags: HOLD, indian stock market, maruti suzuki, nse, sharekhan
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