EV Rush: Maruti shares zoom 3% as Suzuki Motor to invest Rs 10,440 cr in Gujarat

Shares of Indian auto major Maruti Suzuki zoomed 3 per cent to hit an intraday high of Rs 7937.45 on BSE after Suzuki Motor Corporation (SMC) signed MOU with the State of Gujarat for Electric Vehicles and Batteries Manufacturing in India.
 
"Suzuki Motor Corporation (SMC) signed MOU with the State of Gujarat, India to invest approximately 150 billion yen (approximately 104.4 billion rupees) for local manufacturing of electric vehicles (BEV) and BEV batteries," the company said in its regulatory filing.
 
The stock opened 2.45 per cent higher at Rs 7,880 against the previous close of Rs 7691.65 on BSE. With a market capitalisation of more than Rs 2,37,000 crore, the shares stand higher than 5 day, 20 day, 100 day and 200 day moving averages but lower than 50 day moving averages.
 
The MOU was signed on 19 March 2022 at India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Mr. Fumio Kishida and Indian Prime Minister Mr. Narendra Modi.
 
The company further informed that Mr. Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation and Mr. Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki India Limited were joined by eminent senior government personnel of India and Japan at the ceremony.
 
Speaking at the Forum, Mr. Toshihiro Suzuki said, “Suzuki's future mission is to achieve carbon neutrality with small cars.” He added, “We will continue active investment in India to realize Self-reliant India (Atmanirbhar Bharat).”
 
Suzuki Motor holds a majority stake in the company. It is the first major EV plan announced by Maruti Suzuki for India in a bid to align itself with a national strategy to reduce oil dependence and cut debilitating air pollution in major cities.