January 28, 2013 / 3:18 AM / in 5 years

UBS upgrades Maruti to 'buy' on yen weakness

MUMBAI (Reuters) - UBS upgraded its ratings on Maruti Suzuki India Ltd(MRTI.NS) to “buy” from “neutral,” and raised its price target to 2,000 rupees from 1,500 rupees, noting the weakening Japanese yen over the past three months would boost earnings.

A worker cleans a Maruti Suzuki Swift Dzire car as he is being reflected on a car at the company's stock yard at Sanand in Gujarat October 30, 2012. REUTERS/Amit Dave/Files

Maruti Suzuki is also well positioned to benefit from improvements in petrol car sales, UBS added.

Maruti Suzuki India Ltd (MRTI.NS) said on Friday its third quarter profit more than doubled.

Reporting by Abhishek Vishnoi; Editing by Sunil Nair

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