The share price of Maruti Suzuki soared past a psychologically important milestone of Rs 10,000 for the first time on Wednesday as the company announced a foray into the above Rs 20 lakh premium car segment and unveiled plans to double turnover by 2030.
At the BSE, Maruti Suzuki hit a record high of Rs 10036.70 in the intra-day. The scrip closed 3.61% higher at Rs 9994.50 despite an overall negative trend in the market. It was the biggest Sensex gainer. With the surge in share price, the market capitalisation of Maruti Suzuki crossed Rs 3 lakh crore for the first time.
Maruti Suzuki shares have rallied on robust sales growth, driven by sports utility vehicles (SUVs). The company has been an undisputed leader in mini and compact car segments and eyes to gain the number position in SUVs sales in the next few months, top officials said.
“While we are at the second position in the industry now, it is only a matter of time before we take the number one position in the SUV segment,” Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India, said at a media conference.
The company unveiled a new model named ‘Invicto’ with starting ex-showroom price of Rs 24.79 lakh. The starting price of its Alpha+ variant is Rs 28.42 lakh. Invicto is the first Maruti Suzuki car model priced above Rs 20 lakh.
Maruti Suzuki’s Senior Executive Officer (Marketing and Sales) Shashank Srivastava said the company has been an undisputed leader in the below Rs 10 lakh category and has now become a leader in the Rs 10-20 lakh category as well.
With the launch of Invicto, Maruti Suzuki now eyes a share in the growing pie of above Rs 20 lakh premium car segment.
According to Takeuchi, Maruti Suzuki’s parent firm Japan-based Suzuki Motor Corporation targets to double its turnover to Rs 4.32 lakh crore by 2030-31 from Rs 2.16 lakh crore recorded in the financial year 2021-22.
He said during this period the turnover of Maruti Suzuki India would also double. Maruti Suzuki India’s net sales stood at Rs 83,798 crore in 2021-22.