The notice pertains to the matter of tax liability under reverse charge basis on certain services for the period of July 2017 to August 2022, Maruti Suzuki India said in a regulatory filing.
Following the strong set of numbers, shares of MSIL soared 4% to hit a fresh record high of `10,397.95 on Friday.
The company has reached 20 lakh units in production and sales through 40 years and aims to double that in the next eight years.
It will be important to see how much MSIL scores in the Bharat NCAP as the company models have scored low ratings in the Global NCAP tests.
Share prices move in tandem with profits. They do not care about anything else. There could be a short-term trend of volatility.
Country’s largest carmaker Maruti Suzuki sold 152,126 units of passenger vehicles (PV) in the domestic market last month as against 142,850 units in July 2022, a marginal growth of 6.50% year-on-year.
As per MSIL, they need to double their production capacity to about 4 million (40 lakhs) cars per annum by 2030-31 to meet future demand.
In a release, the automaker on Monday announced to recall 87,599 vehicles (S-Presso and Eeco) manufactured between July 5, 2021, and February 15, 2023.
For the first time, Maruti is looking beyond the affordable segment and has come up with Invicto, its own Innova
Meanwhile, shares of Maruti Suzuki crossed the Rs 10,000 mark for the first since 2017. The stock ended 3.61% higher at Rs 9994.50 and its market capitalisation past the Rs 3 lakh crore mark.
Maruti is working towards regaining the 50% market share in the domestic market and increasing their sales in the Sports utility vehicle (SUV) segment.
Maruti Suzuki’s much-anticipated SUV, Jimny will hit the market this month. Lekshmi C Pillai shares her off road experience with this boxy, robust machine
SUV major Mahindra & Mahindra’s PV sales grew by 22% to 32886 units while Toyota’s domestic wholesales last month stood at 19,379 units, its highest ever.