Maruti Suzuki’s shares are now worth more than all but one company’s in the international auto market – Tesla Motors. According to Livemint, the boost is a result of the positive outlook for Indian equity markets coupled with Maruti’s strong showings and high growth outlook. The Indian carmaker posted record profits of 14% in July, with monthly sales of 1,25,778 units, up from 1,10,405 units for the same month last year.

Maruti’s 2018 financial year price-to-earnings were rated by Bloomberg Best Estimates at 22.122 times, as against Tesla Motors’ 33.42 times. On Tuesday, Maruti shares closed at a record high of Rs 5,037.90, though they were trading about 100 points lower on Wednesday.

Experts said Maruti does well because it has products in every fuel category, it has a strong service and distribution network and it taps a major market in India. Maruti’s market capitalisation stands at $22 billion, making it the 15th largest carmaker in the world.