The share price of Maruti Suzuki India jumped 3 percent in the morning session on March 21. Japan’s Suzuki plans to invest $ 1.4 billion for electric vehicles (EVs) in India’s factory, due to which Maruti shares rose today.
Suzuki Motor has a major stake in the Indian auto company Maruti Suzuki. The company said that Suzuki Motor Gujarat Private will invest Rs 31 billion by 2025 to increase production capacity for battery EV manufacturing and Rs 73 billion for building a battery vehicle plant.
For India, this is the first major EV plan announced by Maruti Suzuki to align itself with a national strategy to reduce oil dependence and air pollution in major cities.
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Japanese Prime Minister Fumio Kishida met Indian Prime Minister Narendra Modi on Saturday and announced an investment of $42 billion in India over the next five years.
Under the above MoU, Suzuki Motor Gujarat Pvt Ltd (SMG), wholly owned by Suzuki Motor Corporation, will invest Rs 7,300 crore for the construction of a battery plant near SMG’s automobile manufacturing unit by 2026. SMG will invest Rs 3,100 crore to increase the production capacity of EVs by 2025.
Another group company, Maruti Suzuki Toyotsu India Pvt Ltd, will invest Rs 45 crore in building a vehicle recycling plant by 2025. Earlier in November 2019, it was announced by Maruti Suzuki and Toyota Tsusho Group to set up a joint venture for dismantling and recycling of vehicles and a unit in Noida, Uttar Pradesh.
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At 10:07 am today, the stock of Maruti Suzuki was trading higher by Rs 207 or 2.63 per cent at Rs 7,895.35 on the NSE. It touched an intraday high of Rs 7,937.45 and an intraday low of Rs 7,790.80.
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