Maruti Suzuki’s stock: In Wednesday’s trading session, Maruti Suzuki India Ltd continued its streak of record-breaking performance as its shares surged by 3.83 percent, reaching a new all-time peak of Rs 12,724.95. Currently, the stock is trading 2 percent higher at Rs 12,501. Over the past year, the scrip has witnessed a gain of slightly more than 51 percent.
The carmaker has just disclosed an investment exceeding Rs 1.99 crore in Amlgo Labs Pvt Ltd, a technology-driven startup. In line with the release, The startup helps businesses make data-driven decisions by specializing in machine learning (ML), artificial intelligence (AI), cloud engineering, and data analytics. As a result of this investment, Maruti Suzuki will hold an equity stake of more than 6.44 percent in the startup.
This marks the second investment by the company in this regard. Before this, Maruti Suzuki had invested in Sociograph Solutions Pvt Ltd back in June 2022, Maruti elaborated.
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Analysts generally maintained a positive outlook on the stock. Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, commented, The stock has sustained its robust uptrend. The next anticipated targets lie between Rs 13,400 and Rs 14,000. We expect near-term support to remain steady at Rs 11,400.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, noted, “We anticipate support to be at Rs 12,500 with resistance expected around Rs 12,700. A definitive closure above the Rs 12,700 level might prompt further upward movement towards Rs 12,900. We anticipate the trading range to span between Rs 12,000 and Rs 13,000 over a month.
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