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Maruti gains on value buying, bets yen would fall

Source : REUTERS
Last Updated: Fri, Jun 14, 2013 10:02 hrs
A worker unloads an A-Star car from a container at a Maruti Suzuki stockyard on the outskirts of Jammu

Reuters Market Eye - Maruti Suzuki shares up 3.9 percent on value buying after falling about 8 percent in the last five sessions.

Traders also say the yen looks overbought versus the dollar in the short term and therefore may weaken, generating a tactical buy call on Maruti.

A weak yen ensures cheaper imports of parts and a smaller royalty payment to its parent Suzuki Motor Corp <7269.T>.

The dollar remained sluggish against the yen on Friday, but gained a foothold above 95 after plunging to a two-month trough in the previous session, thanks to a bounce in Japanese stocks and bids by exporters.

(Reporting by Abhishek Vishnoi)



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