The leading automobile company, Maruti Suzuki India is continuing its run up to hit another new high of Rs. 9167.70 in trade today. This has come after leading global brokerage house Morgan Stanley raised its target price sharply to Rs. 10,563 from Rs. 9,102 for a share, which is a huge potential upside of 16.8% as against the closing price of Friday of Rs. 9040.85.

The brokerage house retains its overweight call on the stock and said, "Maruti is a key beneficiary of coming turn in demand. Suzuki-Toyota alliance will help set Maruti up for electric vehicles," it said.

The research house added that the company is amongst the most profitable car original equipment manufacturers (OEMs) in the global markets..

Toyata Motors and Suzuki Motors have entered into a cooperative agreement to sell electric vehicles in India from the year 2020.

Maruti Suzuki with a market capitalisation of Rs 2.75 lakh crore moved to sixth spot surpassing other large companies including HDFC, SBI, Infosys, ICIC Bank and Airtel.

The stock was last seen trading at Rs. 9120 up 0.88% on the BSE.