Maruti Suzuki shares rose as much as 3.3 percent to a four-year high on Monday on hopes earnings would improve due to rising sales for passenger vehicles, while margins were also seen increasing due to the depreciation in the Japanese yen.

CLSA's upgrade of Maruti Suzuki Ltd to 'buy' from 'sell' also helped boost the stock, traders said.

At 10:30 a.m., Maruti shares were up 3.3 percent at 1,597 rupees after earlier touching their highest since December 15, 2009.