Shares of Maruti Suzuki rose as much as 2.5 per cent today to a new high of Rs 2,023, extending its gains to 6.7 per cent from Friday.
Maruti Suzuki rose over 4 per cent on Friday. Analysts attributed Maruti's Friday rise to short-covering. In a note, Angel Broking said open interest in the stock fell 1 per cent on Friday as investors rushed to close their short positions.
Brokerage firm Nomura has a buy rating on Maruti with target price of Rs 2295. It says new models and higher margins will drive the stock while a revival in the auto industry in FY15 would benefit the biggest carmaker in the Indian market.
At 11:20 am, Maruti shares were up 2.2 per cent, outperforming Sensex which was up 1.7 per cent.
Another auto stock, TVS Motor also hit a five-year high after it rose nearly 7 per cent to Rs 120.
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