India's largest passenger-car company Maruti reviewed terms of proposed Suzuki Gujarat plant and decided to amend contours of the agreement.
Faced with severe criticism and concerns over the Gujarat deal, India's largest passenger-car company Maruti reviewed terms of proposed Suzuki Gujarat plant and decided to amend contours of the agreement.
Here are the key takeaways:
- Bulk of capex for Suzuki's Gujarat subsidiary would be funded through depreciation/equity by Suzuki. The earlier plan had intended to cover it via post-tax profits of Maruti .
- Hence, the subsidiary will not charge any mark-up for vehicles supplied to Maruti.
- In case of termination of the agreement, the Gujarat subsidiary would be transferred to MSIL at book value versus fair value previously.
- The company is voluntarily seeking minority shareholders approval for this arrangement.
Post tweaking of the agreement with Suzuki, the Maruti stock witnessed a sharp upmove . Analysts and brokerages have given thumbs up to the company's decision with many upgrading the stock to buy.
Maruti Suzuki stock price
On March 18, 2014, at 14:14 hrs Maruti Suzuki India was quoting at Rs 1869.40, up Rs 132.30, or 7.62 percent. The 52-week high of the share was Rs 1899.90 and the 52-week low was Rs 1217.00.
The company's trailing 12-month (TTM) EPS was at Rs 106.68 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 17.52. The latest book value of the company is Rs 615.03 per share. At current value, the price-to-book value of the company is 3.04.
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Maruti board meet on Suzuki Gujarat plant: Key takeways
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