Maruti Suzuki in an exchange filing said that its August production was down 7.9 percent at 1.14 lakh units against 1.24 lakh units (YoY). Production volume of August was affected due to electronic components shortage, it said.

The stock was trading at Rs 6,831.35, down Rs 45.15, or 0.66 percent. It has touched an intraday high of Rs 6,856.30 and an intraday low of Ra 6,801.55.

Himanshu Gupta, VP- Research at Globe Capital has buy call on the stock with target of Rs 7150 per share. “After a prolonged correction, this stock is finally looking poised for giving sharp upside move in the short term. After a good rally, the stock has been consolidating within a small triangular pattern for the past few days, while short-covering activity was clearly visible on the derivatives side during the same period,” he said.

“Besides, we expect auto stocks to do a catch-up rally and Maruti looks posed to lead from the front,” he added.

The company decided to hike prices for select models with effect from September 6. In continuation to its communication on August 30, 2021, with effect from September 6, 2021, the company announced a price change for select models owing to an increase in various inputs costs, India’s largest carmaker said.

Maruti Suzuki, India’s largest carmaker will see 60 percent cut in production in September due to a shortage in supply of semiconductors. This is the second consecutive monthly cut seen by the company due to the chip shortage.

In Kolkata, petrol prices stand at Rs 101.72 per litre and diesel prices at 91.84 per in the city. In Tamil Nadu’s capital Chennai, petrol prices being sold at Rs 99.08 per litre and diesel prices at 93.38 per litre.

Last month, Tamil Nadu announced at Rs 3 per litre cut in petrol prices. Presenting his maiden budget to the Assembly after the state polls in April, Tamil Nadu finance minister Palanivel Thiaga Rajan said the tax cut on petrol would mean a Rs 3 per litre reduction.

Later, the Puducherry government also said the territorial administration has cut value-added tax (VAT) on petrol by 3%. With the cut, the price of petrol were said to be reduced by Rs 2.43 per litre in Puducherry and Karaikal regions.

Fuel rates vary across the states due to value-added tax (VAT). The difference in prices in states occurs on account of local taxes like VAT or freight charges. Rajasthan levies the highest VAT on petrol and diesel in the country, followed by Madhya Pradesh, Maharashtra, Andhra Pradesh and Telangana. India is dependent on imports to meet nearly 85 per cent of its needs and so benchmarks local rates to international oil prices.