Maruti Suzuki falls 2 pc on bourses

Shares of Maruti Suzuki India dropped nearly two per cent on the BSE,even though the company posted a near three-fold jump in its net profit.

Shares of Maruti Suzuki India today dropped nearly two per cent on the Bombay Stock Exchange (BSE),even though the company posted a near three-fold jump in its net profit for the quarter ended March this year.

The stock settled the day at Rs 1,335 on the BSE,down 1.97 per cent from previous close.

The scrip opened firm on the BSE,but dropped after the country’s largest car maker announced its results for quarter and year ended March 31,2010.

Analysts said after opening in the green,the stock

witnessed selling pressure on concerns of lower profit margin.

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“Maruti reported lower operating profit margins and came in for some profit booking,” Bonanza Portfolio Assistant VP Avinash Gupta said.

For the quarter ending March 31,2010,the company’s net profit shot up nearly three-fold to Rs 656.55 crore compared to Rs 243.13 crore in the corresponding quarter of 2008-09 fiscal.

On the National Stock Exchange (NSE) also,the scrip ended at Rs 1,331,down 2.23 per cent.

Over 63.83 lakh shares of the company changed hands on both the two bourses.

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The 30-share Sensex of the BSE ended the day at 17,745.28,up 51.08 points,or 0.29 per cent,from its

previous close.

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