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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Maruti Suzuki India Ltd    MARUTI   INE585B01010

MARUTI SUZUKI INDIA LTD

(MARUTI)
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Indian Shares End Lower; Central Bank's Bond Move Disappoints

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06/25/2012 | 07:26am EST
   By Ashutosh Joshi 
 

MUMBAI--Indian shares gave up initial gains and ended lower Monday, after measures announced by the country's central bank--aimed at attracting overseas funds--fell short of investors' expectations.

The Bombay Stock Exchange's benchmark Sensitive Index fell 90.35 points, or 0.5%, to 16,882.16. The index traded in a range of 16,853.05 to 17,131.15.

On the National Stock Exchange, the 50-share Nifty slipped 31.40 points, or 0.6%, to 5,114.65.

The market rallied early in the session after Finance Minister Pranab Mukherjee said over the weekend that the government, in consultation with the central bank, will announce a clutch of measures Monday to help revive investor sentiment.

"Expectations had been drummed up that a fairly large set of policy [measures] would be announced, but what had been announced is far below expectations," said Sanjay Sinha, founder of Citrus Advisors, an investment advisory firm.

The Reserve Bank of India raised the foreign investment cap on government bonds by $5 billion and the limit on overseas commercial borrowings by $10 billion, a measure aimed at attracting foreign funds and arresting the sharp slide of the rupee against the U.S. dollar.

The RBI also allowed sovereign wealth funds, multilateral agencies, endowment funds, insurance and pension funds as well as foreign central banks to invest in government bonds.

Citrus Advisors's Mr. Sinha said investors will now wait to know who will be India's next finance minister, after Mr. Mukherjee resigns Tuesday to file his nomination for the presidential election.

"In the medium term the market will react to what will be the policies the new finance minister is able to announce and execute," Mr. Sinha said.

Trading volume at the BSE's cash segment fell to 19.04 billion rupees, compared with Friday's INR20.74 billion.

Twenty-one of the 30 Sensex constituents ended in the red, while one stock--consumer-goods maker Hindustan Unilever--was unchanged.

Banking stocks led the decliners. State Bank of India shed 1.9% to INR2,114.90, ICICI Bank gave up 0.6% to INR847.35, and HDFC Bank fell 1.3% to INR537.25.

Oil & Natural Gas Corp. lost 2.3% to INR272.95, while Hero MotoCorp was the top Sensex loser, giving up 2.7% to finish at INR2,027.75.

Reliance Industries gained 0.7% to INR716.20, while Maruti Suzuki India was the top gainer, rising 1.1% to INR1,113.95.

Write to Ashutosh Joshi at ashutosh.joshi@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
HERO MOTOCORP LTD -1.44% 2362.2 End-of-day quote.-22.80%
MARUTI SUZUKI INDIA LTD -1.80% 6886.7 End-of-day quote.-6.06%
OIL AND NATURAL GAS CORPORATION LTD -1.82% 126.55 End-of-day quote.-14.01%
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Financials (INR)
Sales 2020 790 B
EBIT 2020 46 819 M
Net income 2020 62 187 M
Finance 2020 380 B
Yield 2020 1,12%
P/E ratio 2020 33,6x
P/E ratio 2021 26,1x
EV / Sales2020 2,15x
EV / Sales2021 1,90x
Capitalization 2 080 B
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Last Close Price 6 886,70  
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Kenichi Ayukawa Chief Executive Officer, Executive Director & MD
Ravindra Chandra Bhargava Non-Executive Chairman
Ajay Seth CFO & Senior Executive Officer-Finance
Masami Nishio Executive Officer-Finance & Information Technology
Rajesh Uppal Senior Executive Officer-Human Resources & IT
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