New Delhi: Maruti Suzuki zipped past Infosys and ONGC in market capitalisation (m-cap) as its stock rose by three per cent on Friday, adding Rs 6,563 crore to the value.
The stock gained three per cent to end at Rs 7,451 on BSE. During the day, it went up by 3.25 per cent to Rs 7,469 — its 52-week high. It was the top gainer on the BSE benchmark Sensex. On NSE, the stock moved up by 2.97 per cent to close at Rs 7,464.85.
Following the gains, the company’s market capitalisation rose by Rs 6,562 crore to Rs 2,25,079 crore.With this the company stood at the eighth position in the top-10 m-cap ranking chart, ahead of Infosys and ONGC.
Infosys’ market valuation stood at Rs 2,17,899.66 crore, while that of ONGC was Rs 2,17,074.17 crore at end of trade. The fall in the price of Bengaluru-based IT behemoth has also helped Maruti to zip past it. Infosys shares fell 0.8 per cent on the speculation of its founders planning to sell their entire stake in the company. They, however, denied having any such plans. The market capitalisation of Maruti alone is more than the combined valuation of auto majors like Tata Motors (Rs 1.34 lakh crore) and Mahindra & Mahindra (Rs 88,598 crore).
The growth story of Maruti has also attract investots. According to analysts, Maruti is expected to see a strong volume growth, led by consistent sales uptick of Ciaz, Brezza and Baleno, and success of Ignis.
Macroeconomic trends such as Seventh Pay Commission payouts, falling interest rates, growing middle class and an uptick in rural demand.
