Maruti Suzuki share price gains after auto maker hikes prices of Swift, CNG variants cars

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Maruti Suzuki India Limited announced a price change for Swift and all CNG variants owing to increase in various input costs. The new prices are effective from July 12, 2021.

Maruti Suzuki India | Representative image

Maruti Suzuki India | Representative image

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Maruti Suzuki share price gained over a percent at open on July 12 after the company announced a price change for Swift and all CNG variants.

The stock was the top index gainer. It was at Rs 7,505.00, up Rs 79.85, or 1.08 percent at 09:18 hours. It has touched an intraday high of Rs 7,539.15 and an intraday low of Rs 7,461.

The scrip also witnessed a spurt in volume by more than 8.69 times and was trading with volumes of 325,668 shares, compared to its five day average of 56,555 shares, an increase of 475.84 percent.

Maruti Suzuki India Limited today announced a price change for Swift and all CNG variants owing to increase in various input costs. Increase in ex-showroom prices (Delhi) up to Rs 15,000. The new prices are effective from July 12, 2021, the company said in an exchange filing.

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The country’s largest carmaker said its total production last month rose to 1,65,576 units as various states eased COVID related restrictions. The company had produced a total of 40,924 units in May this year, Maruti Suzuki India (MSI) said in a regulatory filing.

Manufacturing of compact cars, comprising WagonR, Celerio, Ignis, Swift, Baleno and Dzire, rose to 89,966 units last month as against 25,130 units in May 2021, MSI said. Similarly, production of utility vehicles — Gypsy, Ertiga, S-Cross, Vitara Brezza and XL6 — increased to 35,917 units in June as compared with 9,106 units in May.

MSI said production of its light commercial vehicle Super Carry stood at 2,539 units last month as against 296 units in May 2021.

The carmaker introduced major organisational changes in its top cadre amid concerns regarding the growing competition in the SUV space and the passenger vehicle segment.

The company has lost market share from 51 percent to 47 percent in the current quarter, while the market share of KIA and Hyundai increased and stood at about 23 percent in FY21, reported CNBC-TV18.

According to the report citing sources, two joint managing directors have been appointed from the subsidiary of Maruti — Suzuki Motor Company — to assist the present managing director Kenichi Ayukawa.

The two joint managing directors are: H Takeuchi for commercial and S Tori for production and supply chain, said the report.