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Brokerage firm Citi has highlighted Maruti Suzuki as its top pick in the auto sector.
Japanese auto major Suzuki Motor Corporation (SMC) has increased its stake in Indian subsidiary Maruti Suzuki India Ltd (MSIL) to 56.48 percent by purchasing shares from the open market.
Suzuki acquired 3.45 lakh shares of Maruti worth Rs 300 crore from the open market. The last instance of Suzuki purchasing stake in Maruti was back in June 2020.
Suzuki signed a joint venture agreement with Maruti Udyog, the predecessor of Maruti Suzuki in 1982 and rolled out its first car — Maruti 800 — in December 1983.