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Maruti Suzuki gains after co says fire incident will not affect production ops

After oscillating between losses and gains in early trade on Tuesday, shares of Maruti Suzuki India entered the positive territory. At 9:30 am, the stock was trading 1.4 percent higher at Rs 7,669.9 on BSE.

The scrip outperformed the Nifty Auto index which was down 0.4 percent.

Today’s gains in the automaker’s stock were after the company said that the fire incident at the company’s R&D centre does not affect the production operations of Maruti Suzuki India.

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“This is to inform you that there was a fire incident today afternoon in the Company’s Rohtak R&D centre in one of the buildings where a new lab expansion was being carried out by a third party project company. The fire was brought under control and the root cause is being examined along with the investigating authorities,” the auto major said in an exchange filing late Sunday.

Two people working with a contract firm of the project company succumbed to the fire, it added.

“There have been no other injuries. This incident does not affect the production operations of the Company,” Maruti Suzuki said.The automobile company will report its quarterly earnings on April 29.For March, the company’s total sales came in at 1.70 lakh units which were in line with Nomura’s expectations. Compared annually, this is an uptick of 2 percent versus 1.67 lakh units in March 2021.Domestic sales for the company however saw a dip of 7.4 percent at 1.43 lakh units versus 1.55 lakh units, compared in the same period.

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The company in a statement has said that the shortage of electronic components, especially semiconductors, has had an impact on production.

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