Emkay Global Financial Services has maintained its buy rating on Maruti Suzuki India with a revised target price of Rs 775 in its July 22, 2008 research report. "For 1QFY09, Maruti reported adjusted net profits of 4.8 billion (ahead of market expectation) primarily driven 41% YoY increase in treasury income. However, 1QFY09 operating performance was below expectation."

"We have revised our target price downwards to Rs 775. At our target price the stock trades at a PER of 10.7 times and EV/EBIDTA of 5.5 times our FY10 estimates. We maintain BUY on the stock," says Emkay Global Financial Services' research report.

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