₹15,082, implying a potential upside of as much as 45.8 percent from its current market price of ₹10,337.55. The stock has gained over 22 percent in the last 1 year and over 23 percent in 2023 YTD, giving positive returns in 8 of the 12 months so far. It rose the most in September, up 6 percent and shed the most in March, down 3.85 percent.
Meanwhile, the stock has lost around 2.5 percent in December so far after a 2 percent gain in November. The stock hit its record high of ₹10,930 last week on December 7, 2023. It has now advanced over 28 percent from its 52-week low of ₹8,076.65, hit on December 26, 2022.
In the last 3 years, it has advanced 34 percent. The largest passenger car manufacturer in India sold a total of 164,439 vehicles in November 2023, recording a growth of 3.4 percent from 159,044 units sold in November last year. Its total sales in the month include domestic sales of 136,667 units, sales to other OEMs of 4,822 units and exports of 22,950 units.
Meanwhile, Maruti Suzuki reported total passenger vehicle (PV) sales of 134,158 units as compared to 132,395 units last year, a rise of 1.33 percent. Industry tailwinds: The 3rd largest automobile market, India, is on the cusp of unprecedented changes with multiple factors reshaping the industry landscape. More importantly, the share of the automobile industry to GDP has moved up from 2.8 percent in FY93 to 7 percent in FY23, led by solid recovery, informed the brokerage.
It noted that banking on these changes and rising demand for EVs, the key players have committed new capex. However, the price gap between an electric and a conventional vehicle is still considerable which may act as a deterrent to first-time buyers. Given the growing HNI population and demand
. Read more on livemint.com