As Maruti revs up on start of Grand Vitara sales, here’s what brokerages feel

The company on September 26 started retail sales of its newest flagship offering from NEXA, the Grand Vitara

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Maruti Suzuki India share price rose in early trade on September 27, a day after the company started retail sales of the Grand Vitara.

“Maruti Suzuki India on September 26 starts retail sales of its newest flagship offering from NEXA, the Grand Vitara,” the company said in its release.

“The premium SUV “Grand Vitara” offers exciting powertrain choices, dynamic and aggressive exterior design, sophisticated interiors, and a range of technologically advanced segment-leading comfort, convenience and safety features,” the company added.

Available in five-speed manual and six-speed automatic transmission options, the Grand Vitara costs between Rs 10.45 and Rs 17.05 lakh.

“The Grand Vitara has received an overwhelming response from customers with over 57,000 bookings and it has been widely appreciated by critics as well,” said Hisashi Takeuchi, managing director and chief executive of Maruti Suzuki India.

Here is what brokerages have to say about the stock:

Nomura

We keep a neutral rating on the stock with a target of Rs 8,970.

The Grand Vitara-Hybrids is priced at a premium to Toyota.

The stock factors in 25/5 percent volume growth in FY23/24 and market share will improve to 43-44 percent in FY23, reported CNBC-TV18.

Morgan Stanley

We maintain overweight rating on the stock with a target of Rs 9,839.

The Grand Vitara prices are largely in line with Street expectations. The order book is strong and market share gains are expected for the company, reported CNBC-TV18.

CLSA

We keep a sell call on the stock with a target of Rs 7,374.

The Grand Vitara pricing is higher than that of Toyota Hyryder, and Maruti will not be able to significantly gain market share in the SUV segment.

We believe consensus estimates will be downgraded and estimates are too bullish on market share gains.

At 09:24 hrs Maruti Suzuki India was quoting at Rs 8,862.80, up Rs 32.20 or 0.36 percent on the BSE.

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