Maruti Suzuki Share Price Gains Over 2% After PM Modi Flags Off BEV e-VITARA

Maruti Suzuki India's share price rose 2.33% on Tuesday after Prime Minister Narendra Modi flagged off Maruti Suzuki's e-VITARA in Gujarat at the end of his two-day visit to the home state.

The Battery Electric Vehicle (BEV) is made in India and will be exported to over a hundred nations. The development of this vehicle has been considered a big boost to the domestic battery ecosystem, as production of hybrid battery electrodes will also commence at a plant in Gujarat.

The Prime Minister also inaugurated the Suzuki Motor plant in Hansalpur, involved in localised production of hybrid battery electrodes.

The car will be exported to more than one hundred countries, including advanced markets such as Europe and Japan. With this milestone, India will now serve as Suzuki’s global manufacturing hub for electric vehicles.

The scrip rose as much as 2.33% to Rs 14,789 apiece. It pared gains to trade 2.29% higher at Rs 14,783 apiece as of 01: 53 p.m. This compares to a 0.64% decline in the NSE Nifty 50 Index.

It has risen 20.74% in the last 12 months. Total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 86.

Out of 46 analysts tracking the company, 36 maintain a 'buy' rating, eight recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 5.2%