Maruti Suzuki slips on profit booking
Maruti Suzuki India fell 1.40% to Rs 7548.45 as the counter witnessed some bit of profit taking.
The stock has added 6.21% in the past two sessions to end at Rs 7,655.60 yesterday, from its recent closing low of Rs 7,207.95 on 29 January 2021.
The stock has been an underperformer of late. In the past one month, the stock has slipped 2.02% while the Nifty 50 index and the Nifty auto index have gained 4.96% and 14.81%, respectively.
In a BSE filing made during market hours today, Maruti Suzuki India announced its partnership with ALD Automotive India, the operational leasing and fleet management business line of the Société Générale Group, for its subscription program. The company has also expanded its subscription programme to customers in Kochi.
ALD Automotive India is one of the leading fleet management and car leasing companies in India. It has presence in Mumbai, Delhi, Hyderabad, Chennai, Pune and Bengaluru and also has an operational reach in all the major cities across 22 States and 3 Union Territories in India.
Maruti Suzuki Subscribe offers cars in eight other cities including Delhi-NCR, Bengaluru, Hyderabad, Pune, Mumbai, Chennai and Ahmedabad. A customer can opt from wide choices of WagonR, Swift, Dzire, Vitara Brezza, Ertiga from Maruti Suzuki ARENA and IGNIS, Baleno, Ciaz, XL6 and S-Cross from NEXA. Additionally, the subscription plan is now available with varied mileage options of 10K, 15K, 20K and 25K km annually and 12, 24, 36 and 48-month tenures, which brings wide range of choices for customers.
Customers will pay an all-inclusive monthly subscription charge starting at Rs 12,513 for Wagon R and Rs 13,324 for Ignis in Kochi (including taxes) for tenure of 48 months. The company’s other partners for subscription program include Orix Auto Infrastructure Services and Myles Automotive Technologies.
Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited, said Subscription is a new concept for customers in India and we are encouraged by the overwhelming response in the past few months. We have received over 15,500 enquiries. We have now expanded the program to Kochi, in addition to eight other cities. The unique initiative allows a customer to use a brand-new car without actually owning it. The customer needs to pay an all-inclusive monthly fee that comprehensively covers maintenance, 24X7 roadside assistance and insurance for the complete tenure.”
Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).
The company posted a 24% jump in standalone net profit to Rs 1941.40 crore on 13.29% rise in revenue from operations to Rs 23,457.8 crore in Q3 FY21 over Q3 FY20.
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